ĐĎॹá > ţ˙ 6 x z ţ˙˙˙ c d e f g h i j k l m n o p q r s t u v w } ~ Ă D ! " # $ % & ' ć g č ý ~ ˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙ěĽÁ '` řż J: bjbjÓÓ Â rš rš sß + 8 ˙˙ ˙˙ ˙˙ ¤ ę ę ę ę 6 6 6 D z i i i i t k ü z Ů Ň s ( Bs Xs Xs s Ă} Ă} Ă} ďŘ ńŘ ńŘ ńŘ ńŘ ńŘ ńŘ $ rÜ h ÚŢ D Ů E 6 S ß{ ä Ă} S S Ů ę ę Xs s _ ZŮ á á á S ę î Xs ( 6 s ďŘ á S ďŘ á á IĽ T Ř ^ 6 Ŕ s s ş)żâĹÓ i i î ° ú Ĺ ä pŮ 0 Ů ą ü ß W , ß Ř Ŕ Ŕ | ß 6  ü Ă} Ó~  á 1 " Ă} Ă} Ă} Ů Ů ^ Ă} Ă} Ă} Ů S S S S z z z ¤S i z z z i z z z ę ę ę ę ę ę ˙˙˙˙ !>45@60=85 1 . &5;52>9 @0745;. >OA=8B5;L=0O 70?8A:0_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 ;0=8@C5<K5 @57C;LB0BK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 6 !8AB5<0 >F5=:8 ?;0=8@C5<KE @57C;LB0B>2_ _ _ _ _ _ _ _ _ _ _ _ _ 1 0 2 . !>45@60B5;L=K9 @0745;. 2 . 1 . @>3@0<<0 D>@<8@>20=8O ## _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 3 2 . 2 . @>3@0<<0 >B45;L=KE CG51=KE ?@54<5B>2_ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 3 2 . 3 . @>3@0<<0 4CE>2=>- =@02AB25==>3> @0728B8O 8 2>A?8B0=8O >1CG0NI8EAO =0 ABC?5=8 =0G0;L=>3> >1@07>20=8O_ _ _ _ _ _ _ _ _ _ _ 3 5 2 . 4 . @>3@0<<0 D>@<8@>20=8O M:>;>38G5A:>9 :C;LBC@K, 74>@>2>3> 8 157>?0A=>3> >1@070 687=8_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 6 2 . 5 . @>3@0<<0 :>@@5:F8>==>9 @01>BK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 7 3 . @30=870F8>==K9 @0745; 3 . 1 . #G51=K9 ?;0= _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 8 3 . 2 . ;0= 2=5C@>G=>9 45OB5;L=>AB8 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4 2 3 . 3 . !8AB5<0 CA;>289 @50;870F88 040?B8@>20==>9 ?@>3@0<<K _ 4 3 4 . @8;>65=8O 1 . !8AB5<0 >F5=820=8O 7=0=89 8 4>AB865=89 - - - - - - - - - - - - - - - - - - - - 5 1 2 . @>3@0<<0 4CE>2=>- =@02AB25==>3> @0728B8O 8 2>A?8B0=8O >1CG0NI8EAO =0 ABC?5=8 =0G0;L=>3> >1@07>20=8O_ _ _ _ _ _ _ _ _ _ _ 6 4 3 . @>3@0<<0 D>@<8@>20=8O M:>;>38G5A:>9 :C;LBC@K, 74>@>2>3> 8 157>?0A=>3> >1@070 687=8_ _ _ _ _ _ _ _ _ _ 8 3 &5;52>9 @0745; >OA=8B5;L=0O 70?8A:0 40?B8@>20==0O >A=>2=0O >1@07>20B5;L=0O ?@>3@0<<0 =0G0;L=>3> >1I53> >1@07>20=8O 4;O 45B59 A 7045@6:>9 ?A8E8G5A:>3> @0728B8O MB> CG51=>- <5B>48G5A:0O 4>:C<5=B0F8O, >?@545;ONI0O @5:><5=4C5<K5 D545@0;L=K< 3>AC40@AB25==K< >1@07>20B5;L=K< AB0=40@B>< >1J5< 8 A>45@60=85 >1@07>20=8O, ?;0=8@C5<K5 @57C;LB0BK >A2>5=8O >1@07>20B5;L=>9 ?@>3@0<<K, ?@8<5@=K5 CA;>28O >1@07>20B5;L=>9 45OB5;L=>AB8, 2:;NG0O ?@8<5@=K5 @0AG5BK =>@<0B82=KE 70B@0B >:070=8O 3>AC40@AB25==KE CA;C3 ?> @50;870F88 >1@07>20B5;L=>9 ?@>3@0<<K. 40?B8@>20==0O >A=>2=0O >1@07>20B5;L=0O ?@>3@0<<0 =0G0;L=>3> >1I53> >1@07>20=8O 45B59 A 7045@6:>9 ?A8E8G5A:>3> @0728B8O @07@010BK205BAO =0 >A=>25 D545@0;L=>3> 3>AC40@AB25==>3> >1@07>20B5;L=>3> AB0=40@B0 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<5 =0G0;L=>3> >1I53> >1@07>20=8O 45B59 A 7045@6:>9 ?A8E8G5A:>3> @0728B8O 8A?>;L7CNBAO A;54CNI85 A>:@0I5=8O: $! D545@0;L=K9 3>AC40@AB25==K9 >1@07>20B5;L=K9 AB0=40@B, $! D545@0;L=K9 3>AC40@AB25==K9 >1@07>20B5;L=K9 AB0=40@B =0G0;L=>3> >1I53> >1@07>20=8O, >A=>2=0O >1@07>20B5;L=0O ?@>3@0<<0, 040?B8@>20==0O >1@07>20B5;L=0O ?@>3@0<<0, 040?B8@>20==0O >A=>2=0O >1@07>20B5;L=0O ?@>3@0<<0, 040?B8@>20==0O >A=>2=0O >1@07>20B5;L=0O ?@>3@0<<0 =0G0;L=>3> >1I53> >1@07>20=8O. >;CG5=85 >1@07>20=8O 45BL<8 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO 8 45BL<8- 8=20;840<8 O2;O5BAO >4=8< 87 >A=>2=KE 8 =5>BJ5<;5<KE CA;>289 8E CA?5H=>9 A>F80;870F88, >15A?5G5=8O 8E ?>;=>F5==>3> CG0AB8O 2 687=8 >1I5AB20, MDD5:B82=>9 A0<>@50;870F88 2 @07;8G=KE 2840E ?@>D5AA8>=0;L=>9 8 A>F80;L=>9 45OB5;L=>AB8. A2O78 A MB8< >15A?5G5=85 @50;870F88 ?@020 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO =0 >1@07>20=85 @0AA<0B@8205BAO :0: >4=0 87 206=59H8E 7040G 3>AC40@AB25==>9 ?>;8B8:8 =5 B>;L:> 2 >1;0AB8 >1@07>20=8O, => 8 2 >1;0AB8 45<>3@0D8G5A:>3> 8 A>F80;L=>- M:>=><8G5A:>3> @0728B8O >AA89A:>9 $545@0F88. :BC0;L=K<8 4> =0AB>OI53> 2@5<5=8 >AB0NBAO 2>?@>AK >15A?5G5=8O CA;>289 4>ABC?=>AB8 ?>;CG5=8O :0G5AB25==>3> >1@07>20=8O 45BL<8 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO 2 >1I5>1@07>20B5;L=KE CG@5645=8OE. >MB><C >4=>9 87 206=59H8E 7040G =0G0;L=>3> >1@07>20=8O 2 A>>B25BAB288 A $545@0;L=K< 3>AC40@AB25==K< >1@07>20B5;L=K< AB0=40@B>< =0G0;L=>3> >1I53> >1@07>20=8O O2;O5BAO >15A?5G5=85 Ť CA;>289 4;O 8=48284C0;L=>3> @0728B8O 2A5E >1CG0NI8EAO, 2 >A>15==>AB8 B5E, :B> 2 =081>;LH59 AB5?5=8 =C6405BAO 2 A?5F80;L=KE CA;>28OE >1CG5=8O, - 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LOť , Ť CGQB 8E >1@07>20B5;L=KE ?>B@51=>AB59. &5;L ?@>3@0<<K :>@@5:F8>==>9 @01>BK # Ť !KG52A:0O A@54=OO >1I5>1@07>20B5;L=0O H:>;0 8<5=8 . $. 51548=A:>9ť 2 A>>B25BAB288 A> !B0=40@B>< - A>740=85 A8AB5<K :><?;5:A=>9 ?><>I8 45BO< A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO 2 >A2>5=88 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O, :>@@5:F8N =54>AB0B:>2 2 D878G5A:>< 8 ( 8;8) ?A8E8G5A:>< @0728B88 >1CG0NI8EAO, 8E A>F80;L=CN 040?B0F8N. ;O @50;870F88 ?@>3@0<<K :>@@5:F8>==>9 @01>BK 2 >1@07>20B5;L=>< CG@5645=88 A>740=K A?5F80;L=K5 CA;>28O >1CG5=8O 8 2>A?8B0=8O, CG8BK20NI85 >A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO ?>A@54AB2>< 8=48284C0;870F88 8 48DD5@5=F80F88 >1@07>20B5;L=>3> ?@>F5AA0. A2O78 A MB8< @5H0NBAO 8 1C4CB @5H0BLAO A;54CNI85 7040G8: A2>52@5<5==>5 2KO2;5=85 45B59 A B@C4=>ABO<8 040?B0F88, >1CA;>2;5==K<8 >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO; >?@545;5=85 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO, 45B59- 8=20;84>2; >?@545;5=85 >A>15==>AB59 >@30=870F88 >1@07>20B5;L=>3> ?@>F5AA0 4;O @0AA<0B@8205<>9 :0B53>@88 45B59 2 A>>B25BAB288 A 8=48284C0;L=K<8 >A>15==>ABO<8 :064>3> @51Q=:0, AB@C:BC@>9 =0@CH5=8O @0728B8O 8 AB5?5=LN 53> 2K@065==>AB8; A>740=85 CA;>289, A?>A>1AB2CNI8E >A2>5=8N 45BL<8 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O 8 8E 8=B53@0F88 2 >1@07>20B5;L=>< CG@5645=88; >ACI5AB2;5=85 8=48284C0;L=> >@85=B8@>20==>9 ?A8E>;>3>- <548:>- ?5403>38G5A:>9 ?><>I8 45BO< A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO A CGQB>< >A>15==>AB59 ?A8E8G5A:>3> 8 ( 8;8) D878G5A:>3> @0728B8O, 8=48284C0;L=KE 2>7<>6=>AB59 45B59 ( 2 A>>B25BAB288 A @5:><5=40F8O<8 ?A8E>;>3>- <548:>- ?5403>38G5A:>9 :><8AA88) ; @07@01>B:0 8 @50;870F8O 8=48284C0;L=KE CG51=KE ?;0=>2, >@30=870F8O 8=48284C0;L=KE 8 ( 8;8) 3@C??>2KE 70=OB89 4;O 45B59 A 2K@065==K< =0@CH5=85< 2 D878G5A:>< 8 ( 8;8) ?A8E8G5A:>< @0728B88, A>?@>2>6405<K5 ?>445@6:>9 >1@07>20B5;L=>3> CG@5645=8O; >15A?5G5=85 2>7<>6=>AB8 >1CG5=8O 8 2>A?8B0=8O ?> 4>?>;=8B5;L=K< >1@07>20B5;L=K< ?@>3@0<<0< 8 ?>;CG5=8O 4>?>;=8B5;L=KE >1@07>20B5;L=KE :>@@5:F8>==KE CA;C3; @50;870F8O A8AB5<K <5@>?@8OB89 ?> A>F80;L=>9 040?B0F88 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO; >:070=85 :>=AC;LB0B82=>9 8 <5B>48G5A:>9 ?><>I8 @>48B5;O< ( 70:>==K< ?@54AB028B5;O<) 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO ?> <548F8=A:8<, A>F80;L=K<, ?@02>2K< 8 4@C38< 2>?@>A0<. !>45@60=85 ?@>3@0<<K :>@@5:F8>==>9 @01>BK >?@545;ONB A;54CNI85 ?@8=F8?K: !>1;N45=85 8=B5@5A>2 @51Q=:0. @8=F8? >?@545;O5B ?>78F8N A?5F80;8AB0, :>B>@K9 ?@8720= @5H0BL ?@>1;5<C @51Q=:0 A <0:A8<0;L=>9 ?>;L7>9 8 2 8=B5@5A0E @51Q=:0. !8AB5<=>ABL. @8=F8? >15A?5G8205B 548=AB2> 4803=>AB8:8, :>@@5:F88 8 @0728B8O, B. 5. A8AB5<=K9 ?>4E>4 : 0=0;87C >A>15==>AB59 @0728B8O 8 :>@@5:F88 =0@CH5=89 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO, 0 B0:65 2A5AB>@>==89 <=>3>C@>2=52K9 ?>4E>4 A?5F80;8AB>2 @07;8G=>3> ?@>D8;O, 2708<>459AB285 8 A>3;0A>20==>ABL 8E 459AB289 2 @5H5=88 ?@>1;5< @51Q=:0; CG0AB85 2 40==>< ?@>F5AA5 2A5E CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0. 5?@5@K2=>ABL. @8=F8? 30@0=B8@C5B @51Q=:C 8 53> @>48B5;O< ( 70:>==K< ?@54AB028B5;O<) =5?@5@K2=>ABL ?><>I8 4> ?>;=>3> @5H5=8O ?@>1;5<K 8;8 >?@545;5=8O ?>4E>40 : 5Q @5H5=8N. 0@80B82=>ABL. @8=F8? ?@54?>;0305B A>740=85 20@80B82=KE CA;>289 4;O ?>;CG5=8O >1@07>20=8O 45BL<8, 8<5NI8<8 @07;8G=K5 =54>AB0B:8 2 D878G5A:>< 8 ( 8;8) ?A8E8G5A:>< @0728B88. 5:><5=40B5;L=K9 E0@0:B5@ >:070=8O ?><>I8. @8=F8? >15A?5G8205B A>1;N45=85 30@0=B8@>20==KE 70:>=>40B5;LAB2>< ?@02 @>48B5;59 ( 70:>==KE ?@54AB028B5;59) 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO 2K18@0BL D>@<K ?>;CG5=8O 45BL<8 >1@07>20=8O, >1@07>20B5;L=K5 CG@5645=8O, 70I8I0BL 70:>==K5 ?@020 8 8=B5@5AK 45B59, 2:;NG0O >1O70B5;L=>5 A>3;0A>20=85 A @>48B5;O<8 ( 70:>==K<8 ?@54AB028B5;O<8) 2>?@>A0 > =0?@02;5=88 ( ?5@52>45) 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO 2 A?5F80;L=K5 ( :>@@5:F8>==K5) >1@07>20B5;L=K5 CG@5645=8O ( :;0AAK, 3@C??K) . 5<>:@0B8G5A:85 ?@5>1@07>20=8O 2 >1I5AB25 8 M2>;NF8>==>5 @0728B85 A8AB5<K A?5F80;L=>3> ( :>@@5:F8>==>3>) >1@07>20=8O A?>A>1AB2>20;8 ?>O2;5=8N 8 2=54@5=8N 2 ?@0:B8:C 8459 8=B53@8@>20==>3> >1@07>20=8O >1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO ( 40;55 ) A>2<5AB=> A =>@<0;L=> @072820NI8<8AO A25@AB=8:0<8. A2O78 A MB8< ?>O28;0AL =5>1E>48<>ABL ?@840BL 40==><C ?@>F5AAC >@30=87>20==K9 E0@0:B5@, >15A?5G82 :064><C @51Q=:C, 8<5NI5<C =0@CH5=8O 2 ?A8E>D878G5A:>< 74>@>2L5, 4>ABC?=CN 8 ?>;57=CN 4;O 53> @0728B8O D>@<C 8=B53@0F88. ;O >1CG0NI8EAO A 2 # Ť Ť !KG52A:0O A@54=OO >1I5>1@07>20B5;L=0O H:>;0 8<5=8 . $. 51548=A:>9ť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Ť =5:@0A82>3>ť , 2KA:07K20BL >F5=>G=K5 AC645=8O > ?@>872545=8OE 8A:CAAB20; 2>A?8B0=85 0:B82=>3> M<>F8>=0;L=> - MAB5B8G5A:>3> >B=>H5=8O : ?@>872545=8O< 8A:CAAB20; 3 ) >2;045=85 M;5<5=B0@=K<8 ?@0:B8G5A:8<8 C<5=8O<8 8 =02K:0<8 2 @07;8G=KE 2840E EC4>65AB25==>9 45OB5;L=>AB8 ( 87>1@078B5;L=>3>, 45:>@0B82=>- ?@8:;04=>3> 8 =0@>4=>3> 8A:CAAB20, A:C;L?BC@K, 48709=0 8 4@. ) ; 4 ) C<5=85 2>A?@8=8<0BL 8 2K45;OBL 2 >:@C60NI5< <8@5 ( :0: 2 ?@8@>4=><, B0: 8 2 A>F80;L=><) MAB5B8G5A:8 ?@82;5:0B5;L=K5 >1J5:BK, 2K@060BL ?> >B=>H5=8N : =8< A>1AB25==>5 M<>F8>=0;L=>- >F5=>G=>5 >B=>H5=85; 5 ) >2;045=85 ?@0:B8G5A:8<8 C<5=8O<8 A0<>2K@065=8O A@54AB20<8 87>1@078B5;L=>3> 8A:CAAB20. C7K:0: 1 ) D>@<8@>20=85 ?5@2>=0G0;L=KE ?@54AB02;5=89 > @>;8 <C7K:8 2 687=8 G5;>25:0, 55 @>;8 2 4CE>2=>- =@02AB25==>< @0728B88 G5;>25:0; 2 ) D>@<8@>20=85 M;5<5=B>2 <C7K:0;L=>9 :C;LBC@K, 8=B5@5A0 : <C7K:0;L=><C 8A:CAAB2C 8 <C7K:0;L=>9 45OB5;L=>AB8, D>@<8@>20=85 M;5<5=B0@=KE MAB5B8G5A:8E AC645=89; 3 ) @0728B85 M<>F8>=0;L=>3> >A>7=0==>3> 2>A?@8OB8O <C7K:8, :0: 2 ?@>F5AA5 0:B82=>9 <C7K:0;L=>9 45OB5;L=>AB8, B0: 8 2> 2@5<O A;CH0=8O <C7K:0;L=KE ?@>872545=89; 4 ) D>@<8@>20=85 MAB5B8G5A:8E GC2AB2 2 ?@>F5AA5 A;CH0=8O <C7K:0;L=KE ?@>872545=89 @07;8G=KE 60=@>2; 5 ) 8A?>;L7>20=85 <C7K:0;L=KE >1@07>2 ?@8 A>740=88 B50B@0;87>20==KE 8 <C7K:0;L=>- ?;0AB8G5A:8E :><?>78F89, 8A?>;=5=88 2>:0;L=>- E>@>2KE ?@>872545=89, 2 8<?@>2870F88. "5E=>;>38O "5E=>;>38O ( B@C4) : 1 ) D>@<8@>20=85 =02K:>2 A0<>>1A;C6820=8O, >2;045=85 =5:>B>@K<8 B5E=>;>38G5A:8<8 ?@85<0<8 @CG=>9 >1@01>B:8 <0B5@80;>2, CA2>5=85 ?@028; B5E=8:8 157>?0A=>AB8; 2 ) D>@<8@>20=85 C<5=89 @01>B0BL A @07=K<8 2840<8 <0B5@80;>2 ( 1C<03>9, B:0=O<8, ?;0AB8;8=><, ?@8@>4=K< <0B5@80;>< 8 B. 4. ) ; 2K18@0BL A?>A>1K 8E >1@01>B:8 2 7028A8<>AB8 >B 8E A2>9AB2; 3 ) D>@<8@>20=85 >@30=870F8>==KE B@C4>2KE C<5=89 ( ?@028;L=> @0A?>;030BL <0B5@80;K 8 8=AB@C<5=BK =0 @01>G5< <5AB5, 2K?>;=OBL ?@028;0 157>?0A=>9 @01>BK 8 A0=8B0@=>- 38385=8G5A:85 B@51>20=8O 8 B. 4. ) 4 ) ?@8>1@5B5=85 ?5@2>=0G0;L=KE =02K:>2 A>2<5AB=>9 ?@>4C:B82=>9 45OB5;L=>AB8, A>B@C4=8G5AB20, 2708<>?><>I8, ?;0=8@>20=8O 8 >@30=870F88; 5 ) 8A?>;L7>20=85 ?@8>1@5B5==KE 7=0=89 8 C<5=89 4;O @5H5=8O ?@0:B8G5A:8E 7040G. $878G5A:0O :C;LBC@0 $878G5A:0O :C;LBC@0 ( 040?B82=0O) 1 ) D>@<8@>20=85 ?5@2>=0G0;L=KE ?@54AB02;5=89 > 7=0G5=88 D878G5A:>9 :C;LBC@K 4;O C:@5?;5=8O 74>@>2LO G5;>25:0, D878G5A:>3> @0728B8O, ?>2KH5=8O @01>B>A?>A>1=>AB8. 2 ) >2;045=85 C<5=8O<8 >@30=87>2K20BL 74>@>2L5A15@530NICN 687=545OB5;L=>ABL ( @568< 4=O, CB@5==OO 70@O4:0, >74>@>28B5;L=K5 <5@>?@8OB8O, ?>4286=K5 83@K 8 B. 4. ) ; 3 ) D>@<8@>20=85 C<5=8O A;548BL 70 A2>8< D878G5A:8< A>AB>O=85<, 25;8G8=>9 D878G5A:8E =03@C7>:. 1 . 3 . !8AB5<0 >F5=:8 4>AB865=8O ?;0=8@C5<KE @57C;LB0B>2 >A2>5=8O >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O !>3;0A=> B@51>20=8O< $! , >1@07>20B5;L=0O >@30=870F8O A0<>AB>OB5;L=> @07@010BK205B A8AB5<C >F5=:8 >1@07>20B5;L=KE 4>AB865=89 CG0I8EAO. 8G=>AB=K5 @57C;LB0BK >F5=820NBAO G5@57 ?>@BD>;8> B2>@G5A:8E @01>B 8 <>=8B>@8=38, ?@>2>48<K5 ?A8E>;>30<8 H:>;K. A=>2=K<8 =0?@02;5=8O<8 8 F5;O<8 >F5=>G=>9 45OB5;L=>AB8 2 A>>B25BAB288 A B@51>20=8O<8 !B0=40@B0 O2;ONBAO >F5=:0 >1@07>20B5;L=KE 4>AB865=89 >1CG0NI8EAO 8 >F5=:0 @57C;LB0B>2 45OB5;L=>AB8 >1@07>20B5;L=KE >@30=870F89 8 ?5403>38G5A:8E :04@>2. >;CG5==K5 40==K5 8A?>;L7CNBAO 4;O >F5=:8 A>AB>O=8O 8 B5=45=F89 @0728B8O A8AB5<K >1@07>20=8O. !8AB5<0 >F5=:8 4>AB865=8O >1CG0NI8<8AO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O ?;0=8@C5<KE @57C;LB0B>2 >A2>5=8O 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O ?@8720=0 @5H8BL A;54CNI85 7040G8: 70:@5?;OBL >A=>2=K5 =0?@02;5=8O 8 F5;8 >F5=>G=>9 45OB5;L=>AB8, >?8AK20BL >1J5:B 8 A>45@60=85 >F5=:8, :@8B5@88, ?@>F54C@K 8 A>AB02 8=AB@C<5=B0@8O >F5=820=8O, D>@<K ?@54AB02;5=8O @57C;LB0B>2, CA;>28O 8 3@0=8FK ?@8<5=5=8O A8AB5<K >F5=:8; >@85=B8@>20BL >1@07>20B5;L=K9 ?@>F5AA =0 4CE>2=>- =@02AB25==>5 @0728B85 8 2>A?8B0=85 >1CG0NI8EAO, 4>AB865=85 ?;0=8@C5<KE @57C;LB0B>2 >A2>5=8O A>45@60=8O CG51=KE ?@54<5B>2 8 D>@<8@>20=85 C=825@A0;L=KE CG51=KE 459AB289; >15A?5G820BL :><?;5:A=K9 ?>4E>4 : >F5=:5 @57C;LB0B>2 >A2>5=8O 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O, ?>72>;ONI89 25AB8 >F5=:C ?@54<5B=KE, <5B0?@54<5B=KE 8 ;8G=>AB=KE @57C;LB0B>2; ?@54CA<0B@820BL >F5=:C 4>AB865=89 >1CG0NI8EAO 8 >F5=:C MDD5:B82=>AB8 45OB5;L=>AB8 >1@07>20B5;L=>3> CG@5645=8O; ?>72>;OBL >ACI5AB2;OBL >F5=:C 48=0<8:8 CG51=KE 4>AB865=89 >1CG0NI8EAO 8 @0728B8O 687=5==>9 :><?5B5=F88. 57C;LB0BK 4>AB865=89 >1CG0NI8EAO A 2 >2;045=88 O2;ONBAO 7=0G8<K<8 4;O >F5=:8 :0G5AB20 >1@07>20=8O >1CG0NI8EAO. @8 >?@545;5=88 ?>4E>4>2 : >ACI5AB2;5=8N >F5=:8 @57C;LB0B>2 F5;5A>>1@07=> >?8@0BLAO =0 A;54CNI85 ?@8=F8?K: 1 ) 48DD5@5=F80F88 >F5=:8 4>AB865=89 A CG5B>< B8?>;>38G5A:8E 8 8=48284C0;L=KE >A>15==>AB59 @0728B8O 8 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO A ; 2 ) 48=0<8G=>AB8 >F5=:8 4>AB865=89, ?@54?>;030NI59 87CG5=85 87<5=5=89 ?A8E8G5A:>3> 8 A>F80;L=>3> @0728B8O, 8=48284C0;L=KE A?>A>1=>AB59 8 2>7<>6=>AB59 >1CG0NI8EAO; 3 ) 548=AB20 ?0@0<5B@>2, :@8B5@852 8 8=AB@C<5=B0@8O >F5=:8 4>AB865=89 2 >A2>5=88 A>45@60=8O , GB> A<>65B >15A?5G8BL >1J5:B82=>ABL >F5=:8 2 @07=KE >1@07>20B5;L=KE >@30=870F8OE. ;O MB>3> =5>1E>48<K< O2;O5BAO A>740=85 <5B>48G5A:>3> >15A?5G5=8O ( >?8A0=85 4803=>AB8G5A:8E <0B5@80;>2, ?@>F54C@ 8E ?@8<5=5=8O, A1>@0, D>@<0;870F88, >1@01>B:8, >1>1I5=8O 8 ?@54AB02;5=8O ?>;CG5==KE 40==KE) ?@>F5AA0 >ACI5AB2;5=8O >F5=:8 4>AB865=89 >1CG0NI8EAO. -B8 ?@8=F8?K, >B@060O >A=>2=K5 70:>=><5@=>AB8 F5;>AB=>3> ?@>F5AA0 >1@07>20=8O >1CG0NI8EAO A , A0<K< B5A=K< >1@07>< 2708<>A2O70=K 8 :0A0NBAO >4=>2@5<5==> @07=KE AB>@>= ?@>F5AA0 >ACI5AB2;5=8O >F5=:8 @57C;LB0B>2 8E >1@07>20=8O. @8 @07@01>B:5 A8AB5<K >F5=:8 4>AB865=89 >1CG0NI8EAO 2 >A2>5=88 A>45@60=8O <K >@85=B8@>20;8AL =0 ?@54AB02;5==K9 2 !B0=40@B5 ?5@5G5=L ?;0=8@C5<KE @57C;LB0B>2. A>>B25BAB288 A B@51>20=8O $! 4;O >1CG0NI8EAO A >F5=:5 ?>4;560B ;8G=>AB=K5, <5B0?@54<5B=K5 8 ?@54<5B=K5 @57C;LB0BK. 8G=>AB=K5 @57C;LB0BK 2:;NG0NB >2;045=85 >1CG0NI8<8AO A>F80;L=K<8 ( 687=5==K<8) :><?5B5=F8O<8, =5>1E>48<K<8 4;O @5H5=8O ?@0:B8:>- >@85=B8@>20==KE 7040G 8 >15A?5G820NI8<8 D>@<8@>20=85 8 @0728B85 A>F80;L=KE >B=>H5=89 >1CG0NI8EAO 2 @07;8G=KE A@540E. F5=:0 ;8G=>AB=KE @57C;LB0B>2 ?@54?>;0305B, ?@5645 2A53>, >F5=:C ?@>42865=8O >1CG0NI53>AO 2 >2;045=88 A>F80;L=K<8 ( 687=5==K<8) :><?5B5=F8O<8, :>B>@K5, 2 :>=5G=>< 8B>35, A>AB02;ONB >A=>2C MB8E @57C;LB0B>2. ;O >F5=:8 ?@>42865=8O @515=:0 2 >2;045=88 A>F80;L=K<8 ( 687=5==K<8) :><?5B5=F8O<8 <>65B ?@8<5=OBLAO <5B>4 M:A?5@B=>9 >F5=:8, :>B>@K9 ?@54AB02;O5B A>1>9 ?@>F54C@C >F5=:8 @57C;LB0B>2 =0 >A=>25 <=5=89 3@C??K A?5F80;8AB>2 ( M:A?5@B>2) . 0==0O 3@C??0 4>;6=0 >1J548=OBL 2A5E CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0 B5E, :B> >1CG05B, 2>A?8BK205B 8 B5A=> :>=B0:B8@C5B A @51Q=:><. !>AB02 M:A?5@B=>9 3@C??K >?@545;O5BAO >1@07>20B5;L=>9 >@30=870F859 8 4>;65= 2:;NG0BL ?5403>38G5A:8E 8 <548F8=A:8E @01>B=8:>2 ( CG8B5;59, 2>A?8B0B5;59, CG8B5;59- ;>3>?54>2, ?5403>3>2- ?A8E>;>3>2, A>F80;L=KE ?5403>3>2, 2@0G0 ?A8E>=52@>;>30, =52@>?0B>;>30, ?5480B@0) , :>B>@K5 E>@>H> 7=0NB CG5=8:0. ;O ?>;=>BK >F5=:8 ;8G=>AB=KE @57C;LB0B>2 >A2>5=8O >1CG0NI8<8AO A A;54C5B CG8BK20BL <=5=85 @>48B5;59 ( 70:>==KE ?@54AB028B5;59) , ?>A:>;L:C >A=>2>9 >F5=:8 A;C68B 0=0;87 87<5=5=89 ?>2545=8O >1CG0NI53>AO 2 ?>2A54=52=>9 687=8 2 @07;8G=KE A>F80;L=KE A@540E ( H:>;L=>9 8 A5<59=>9) . 57C;LB0BK 0=0;870 4>;6=K 1KBL ?@54AB02;5=K 2 D>@<5 C4>1=KE 8 ?>=OB=KE 2A5< G;5=0< M:A?5@B=>9 3@C??K CA;>2=KE 548=8F0E: 0 10;;>2 =5B ?@>42865=8O; 1 10;; <8=8<0;L=>5 ?@>42865=85; 2 10;;0 A@54=55 ?@>42865=85; 3 10;;0 7=0G8B5;L=>5 ?@>42865=85. >4>1=0O >F5=:0 =5>1E>48<0 M:A?5@B=>9 3@C??5 4;O 2K@01>B:8 >@85=B8@>2 2 >?8A0=88 48=0<8:8 @0728B8O A>F80;L=>9 ( 687=5==>9) :><?5B5=F88 @515=:0. 57C;LB0BK >F5=:8 ;8G=>AB=KE 4>AB865=89 70=>AOBAO 2 8=48284C0;L=CN :0@BC @0728B8O >1CG0NI53>AO, GB> ?>72>;O5B =5 B>;L:> ?@54AB028BL ?>;=CN :0@B8=C 48=0<8:8 F5;>AB=>3> @0728B8O @515=:0, => 8 >BA;548BL =0;8G85 8;8 >BACBAB285 87<5=5=89 ?> >B45;L=K< 687=5==K< :><?5B5=F8O<. 5B0?@54<5B=K5 @57C;LB0BK 2:;NG0NB >A2>5==K5 >1CG0NI8<8AO C=825@A0;L=K5 CG51=K5 459AB28O ( ?>7=020B5;L=K5, @53C;OB82=K5 8 :><<C=8:0B82=K5) , >15A?5G820NI85 >2;045=85 :;NG52K<8 :><?5B5=F8O<8 ( A>AB02;ONI8<8 >A=>2C C<5=8O CG8BLAO) 8 <56?@54<5B=K<8 7=0=8O<8, 0 B0:65 A?>A>1=>ABL @5H0BL CG51=K5 8 687=5==K5 7040G8 8 3>B>2=>ABL : >2;045=8N 2 40;L=59H5< >A=>2=>3> >1I53> >1@07>20=8O. F5=:0 <5B0?@54<5B=KE @57C;LB0B>2 ?@54?>;0305B >F5=:C ?@>42865=8O >1CG0NI53>AO 2 >2;045=88 @53C;OB82=K<8, :><<C=8:0B82=K<8 8 ?>7=020B5;L=K<8 C=825@A0;L=K<8 CG51=K<8 459AB28O<8, B. 5. B0:8E C<AB25==KE 459AB289 >1CG0NI8EAO, :>B>@K5 =0?@02;5=K =0 C?@02;5=85 A2>59 ?>7=020B5;L=>9 45OB5;L=>ABLN. A=>2=>5 A>45@60=85 >F5=:8 <5B0?@54<5B=KE @57C;LB0B>2 =0 ABC?5=8 =0G0;L=>3> >1I53> >1@07>20=8O AB@>8BAO 2>:@C3 C<5=8O CG8BLAO, B. 5. B>9 A>2>:C?=>AB8 A?>A>1>2 459AB289, :>B>@0O, A>1AB25==>, 8 >15A?5G8205B A?>A>1=>ABL >1CG0NI8EAO A : A0<>AB>OB5;L=><C CA2>5=8N =>2KE 7=0=89 8 C<5=89, 2:;NG0O >@30=870F8N MB>3> ?@>F5AA0. @54<5B=K5 @57C;LB0BK 2:;NG0NB >A2>5==K5 >1CG0NI8<8AO 7=0=8O 8 C<5=8O, A?5F8D8G=K5 4;O :064>9 >1@07>20B5;L=>9 >1;0AB8, 3>B>2=>ABL 8E ?@8<5=5=8O. F5=:C MB>9 3@C??K @57C;LB0B>2 F5;5A>>1@07=> =0G8=0BL A> 2B>@>3> ?>;C3>48O 2 - 3> :;0AA0, B. 5. 2 B>B ?5@8>4, :>340 C >1CG0NI8EAO C65 1C4CB AD>@<8@>20=K =5:>B>@K5 =0G0;L=K5 =02K:8 GB5=8O, ?8AL<0 8 AG5B0. @><5 B>3>, A0<0 CG51=0O 45OB5;L=>ABL 1C45B ?@82KG=>9 4;O >1CG0NI8EAO, 8 >=8 A<>3CB 55 >@30=87>2K20BL ?>4 @C:>2>4AB2>< CG8B5;O. ?@>F5AA5 >F5=:8 4>AB865=8O ?;0=8@C5<KE ;8G=>AB=KE, <5B0?@54<5B=KE 8 ?@54<5B=KE @57C;LB0B>2 4>;6=K 8A?>;L7>20BLAO @07=>>1@07=K5 <5B>4K 8 D>@<K, 2708<=> 4>?>;=ONI85 4@C3 4@C30 ( AB0=40@B878@>20==K5 ?8AL<5==K5 8 CAB=K5 @01>BK, ?@>5:BK, ?@0:B8G5A:85 @01>BK, B2>@G5A:85 @01>BK, A0<>0=0;87 8 A0<>>F5=:0, =01;N45=8O 8 4@. ) . F5=:0 <5B0?@54<5B=KE @57C;LB0B>2 ?@54?>;0305B >F5=:C C=825@A0;L=KE CG51=KE 459AB289 CG0I8EAO ( @53C;OB82=KE, :><<C=8:0B82=KE, ?>7=020B5;L=KE) , B. 5. B0:8E C<AB25==KE 459AB289 >1CG0NI8EAO, :>B>@K5 =0?@02;5=K =0 0=0;87 A2>59 ?>7=020B5;L=>9 45OB5;L=>AB8 8 C?@02;5=85 5N. F5=:0 <5B0?@54<5B=KE @57C;LB0B>2 ?@>2>48BAO 2 E>45 @07;8G=KE ?@>F54C@ B0:8E, :0: - @5H5=85 7040G B2>@G5A:>3> 8 ?>8A:>2>3> E0@0:B5@0, - CG51=>5 ?@>5:B8@>20=85, - 8B>3>2K5 ?@>25@>G=K5 @01>BK, - :><?;5:A=K5 @01>BK =0 <56?@54<5B=>9 >A=>25, - <>=8B>@8=3 AD>@<8@>20==>AB8 >A=>2=KE CG51=KE C<5=89. F5=820=85 >A2>5=8O >A=>2=>9 >1I5>1@07>20B5;L=>9 ?@>3@0<<K ?@>8AE>48B G5@57 >F5=:C ?@54<5B=KE 8 <5B0?@54<5B=KE @57C;LB0B>2. A=>2=K< 8=AB@C<5=B>< 8B>3>2>9 >F5=:8 O2;ONBAO 8B>3>2K5 :><?;5:A=K5 @01>BK A8AB5<0 7040=89 @07;8G=>3> C@>2=O A;>6=>AB8 ?> GB5=8N, @CAA:><C O7K:C, <0B5<0B8:5 8 >:@C60NI5<C <8@C. CG51=>< ?@>F5AA5 >F5=:0 ?@54<5B=KE @57C;LB0B>2 ?@>2>48BAO A ?><>ILN 4803=>AB8G5A:8E @01>B ( ?@><56CB>G=KE 8 8B>3>2KE) , =0?@02;5==KE =0 >?@545;5=85 C@>2=O >A2>5=8O B5<K CG0I8<8AO. @>2>48BAO <>=8B>@8=3 @57C;LB0B>2 2K?>;=5=8O B@5E 8B>3>2KE @01>B ?> @CAA:><C O7K:C, @>4=><C O7K:C, <0B5<0B8:5 8 8B>3>2>9 :><?;5:A=>9 @01>BK =0 <56?@54<5B=>9 >A=>25. $>@<K ?@54AB02;5=8O >1@07>20B5;L=KE @57C;LB0B>2: B015;L CA?5205<>AB8 ?> ?@54<5B0< ( A C:070=85< B@51>20=89, ?@54JO2;O5<KE : 2KAB02;5=8N >B<5B>:) ; B5:ABK 8B>3>2KE 4803=>AB8G5A:8E :>=B@>;L=KE @01>B, 48:B0=B>2 8 0=0;87 8E 2K?>;=5=8O >1CG0NI8<AO ( 8=D>@<0F8O >1 M;5<5=B0E 8 C@>2=OE ?@>25@O5<>3> 7=0=8O 7=0=8O, ?>=8<0=8O, ?@8<5=5=8O, A8AB5<0B870F88) ; CAB=0O >F5=:0 CA?5H=>AB8 @57C;LB0B>2, D>@<C;8@>2:0 ?@8G8= =5C40G 8 @5:><5=40F89 ?> CAB@0=5=8N ?@>15;>2 2 >1CG5==>AB8 ?> ?@54<5B0<; ?>@BD>;8>; @57C;LB0BK ?A8E>;>3>- ?5403>38G5A:8E 8AA;54>20=89, 8;;NAB@8@CNI8E 48=0<8:C @0728B8O >B45;L=KE 8=B5;;5:BC0;L=KE 8 ;8G=>AB=KE :0G5AB2 >1CG0NI53>AO, ##. @8B5@8O<8 >F5=820=8O O2;ONBAO: A>>B25BAB285 4>AB83=CBKE ?@54<5B=KE, <5B0?@54<5B=KE 8 ;8G=>AB=KE @57C;LB0B>2 >1CG0NI8EAO B@51>20=8O< : @57C;LB0B0< >A2>5=8O >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O $!; 48=0<8:0 @57C;LB0B>2 ?@54<5B=>9 >1CG5==>AB8, D>@<8@>20=8O ##. !>45@60B5;L=K9 @0745; 2 . 1 . @>3@0<<0 D>@<8@>20=8O C=825@A0;L=KE CG51=KE 459AB289 C >1CG0NI8EAO =0 ABC?5=8 =0G0;L=>3> >1I53> >1@07>20=8O @>3@0<<0 D>@<8@>20=8O C=825@A0;L=KE CG51=KE 459AB289 =0 ABC?5=8 =0G0;L=>3> >1I53> >1@07>20=8O :>=:@5B878@C5B B@51>20=8O !B0=40@B0 : ;8G=>AB=K< 8 <5B0?@54<5B=K< @57C;LB0B0< >A2>5=8O 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O, 8 A;C68B >A=>2>9 @07@01>B:8 ?@>3@0<< CG51=KE ?@54<5B>2, :C@A>2. @>3@0<<0 AB@>8BAO =0 >A=>25 45OB5;L=>AB=>3> ?>4E>40 : >1CG5=8N 8 ?>72>;O5B @50;87>2K20BL :>@@5:F8>==>- @072820NI89 ?>B5=F80; >1@07>20=8O >1CG0NI8EAO A 8 ?@8720=0 A?>A>1AB2>20BL @0728B8N C=825@A0;L=KE CG51=KE 459AB289, >15A?5G820NI8E >1CG0NI8<AO C<5=85 CG8BLAO. A=>2=0O F5;L @50;870F88 ?@>3@0<<K D>@<8@>20=8O C=825@A0;L=KE CG51=KE 459AB289 A>AB>8B 2 D>@<8@>20=88 >1CG0NI53>AO A :0: AC1J5:B0 CG51=>9 45OB5;L=>AB8. 040G0<8 @50;870F88 ?@>3@0<<K O2;ONBAO: D>@<8@>20=85 <>B820F8>==>3> :><?>=5=B0 CG51=>9 45OB5;L=>AB8; >2;045=85 :><?;5:A>< C=825@A0;L=KE CG51=KE 459AB289, A>AB02;ONI8E >?5@0F8>==K9 :><?>=5=B CG51=>9 45OB5;L=>AB8; @0728B85 C<5=89 ?@8=8<0BL F5;L 8 3>B>2K9 ?;0= 45OB5;L=>AB8, ?;0=8@>20BL 7=0:><CN 45OB5;L=>ABL, :>=B@>;8@>20BL 8 >F5=820BL 55 @57C;LB0BK 2 >?>@5 =0 >@30=870F8>==CN ?><>IL ?5403>30. @>3@0<<0 D>@<8@>20=8O C=825@A0;L=KE CG51=KE 459AB289 C >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O 4>;6=0 A>45@60BL: >?8A0=85 F5==>AB=KE >@85=B8@>2 >1@07>20=8O >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O =0 C@>2=5 =0G0;L=>3> >1I53> >1@07>20=8O; A2O7L C=825@A0;L=KE CG51=KE 459AB289 A A>45@60=85< CG51=KE ?@54<5B>2; E0@0:B5@8AB8:8 ;8G=>AB=KE, @53C;OB82=KE, ?>7=020B5;L=KE, :><<C=8:0B82=KE C=825@A0;L=KE CG51=KE 459AB289 >1CG0NI8EAO; B8?>2K5 7040G8 D>@<8@>20=8O ;8G=>AB=KE, @53C;OB82=KE, ?>7=020B5;L=KE, :><<C=8:0B82=KE C=825@A0;L=KE CG51=KE 459AB289; >?8A0=85 ?@55<AB25==>AB8 ?@>3@0<<K D>@<8@>20=8O C=825@A0;L=KE CG51=KE 459AB289 ?@8 ?5@5E>45 >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O >B 4>H:>;L=>3> : =0G0;L=><C >1I5<C >1@07>20=8N. !D>@<8@>20==>ABL C=825@A0;L=KE CG51=KE 459AB289 C >1CG0NI8EAO =0 ABC?5=8 =0G0;L=>3> >1I53> >1@07>20=8O 4>;6=0 1KBL >?@545;5=0 =0 MB0?5 7025@H5=8O >1CG5=8O 2 =0G0;L=>9 H:>;5. @>3@0<<0 D>@<8@>20=8O C=825@A0;L=KE CG51=KE 459AB289 A0<>AB>OB5;L=> @07@010BK205BAO >1@07>20B5;L=>9 >@30=870F859 =0 >A=>25 ?@>3@0<<K, @07@01>B0==>9 4;O >1I5>1@07>20B5;L=>9 H:>;K, A CG5B>< A?5F8D8:8 >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O. 2 . 2 . @>3@0<<K >B45;L=KE CG51=KE ?@54<5B>2, :C@A>2, :C@A>2 2=5C@>G=>9 45OB5;L=>AB8 @>3@0<<K >B45;L=KE CG51=KE ?@54<5B>2, :C@A>2 4>;6=K >15A?5G820BL 4>AB865=85 ?;0=8@C5<KE @57C;LB0B>2 ( ;8G=>AB=KE, <5B0?@54<5B=KE, ?@54<5B=KE) >A2>5=8O >A=>2=>9 040?B8@>20==>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O. @>3@0<<0 CG51=>3> ?@54<5B0 ( :C@A0) 4>;6=0 A>45@60BL: 1 ) ?>OA=8B5;L=CN 70?8A:C, 2 :>B>@>9 :>=:@5B878@CNBAO >1I85 F5;8 =0G0;L=>3> >1I53> >1@07>20=8O A CG5B>< A?5F8D8:8 CG51=>3> ?@54<5B0 ( :C@A0) ; 2 ) >1ICN E0@0:B5@8AB8:C CG51=>3> ?@54<5B0 ( :C@A0) ; 3 ) >?8A0=85 <5AB0 CG51=>3> ?@54<5B0 ( :C@A0) 2 CG51=>< ?;0=5; 4 ) ;8G=>AB=K5, <5B0?@54<5B=K5 8 ?@54<5B=K5 @57C;LB0BK >A2>5=8O :>=:@5B=>3> CG51=>3> ?@54<5B0 ( :C@A0) ; 5 ) A>45@60=85 CG51=>3> ?@54<5B0 ( :C@A0) ; 6 ) B5<0B8G5A:>5 ?;0=8@>20=85 A >?@545;5=85< >A=>2=KE 284>2 CG51=>9 45OB5;L=>AB8 >1CG0NI8EAO; 7 ) >?8A0=85 <0B5@80;L=>- B5E=8G5A:>3> >15A?5G5=8O >1@07>20B5;L=>3> ?@>F5AA0. 40==>< @0745;5 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O ?@82>48BAO >A=>2=>5 A>45@60=85 :C@A>2 ?> 2A5< >1O70B5;L=K< ?@54<5B0< =0 ABC?5=8 =0G0;L=>3> >1I53> >1@07>20=8O ( 70 8A:;NG5=85< @>4=>3> O7K:0 8 ;8B5@0BC@=>3> GB5=8O =0 @>4=>< O7K:5) , :>B>@>5 4>;6=> 1KBL 2 ?>;=>< >1JQ<5 >B@065=> 2 A>>B25BAB2CNI8E @0745;0E @01>G8E ?@>3@0<< CG51=KE ?@54<5B>2. AB0;L=K5 @0745;K ?@8<5@=KE ?@>3@0<< CG51=KE ?@54<5B>2 D>@<8@CNBAO A CGQB>< @538>=0;L=KE, =0F8>=0;L=KE 8 MB=>:C;LBC@=KE >A>15==>AB59 8 A>AB020 :;0AA0. A=>2=>5 A>45@60=85 :C@A>2 Ť >4=>9 O7K:ť , Ť 8B5@0BC@=>5 GB5=85 =0 @>4=>< O7K:5ť @07@010BK205BAO 8 CB25@6405BAO >@30=0<8 8A?>;=8B5;L=>9 2;0AB8 AC1J5:B>2 >AA89A:>9 $545@0F88, >ACI5AB2;ONI8<8 C?@02;5=85 2 AD5@5 >1@07>20=8O, A CGQB>< B@51>20=89 !B0=40@B0 : @57C;LB0B0< >A2>5=8O 40==KE :C@A>2 8 ?@>3@0<<K D>@<8@>20=8O C=825@A0;L=KE CG51=KE 459AB289, 0 B0:65 A?5F8D8:8 A>45@60=8O 8 >A>15==>AB59 8E 87CG5=8O. 2 . 2 . 1 . A=>2=>5 A>45@60=85 CG51=KE ?@54<5B>2 1 . CAA:89 O7K: 84K @5G52>9 45OB5;L=>AB8 !;CH0=85. A>7=0=85 F5;8 8 A8BC0F88 CAB=>3> >1I5=8O. 45:20B=>5 2>A?@8OB85 72CG0I59 @5G8. >=8<0=85 =0 A;CE 8=D>@<0F88, A>45@60I59AO 2 ?@54JO2;O5<>< B5:AB5, ?5@540G0 53> A>45@60=8O ?> 2>?@>A0<. >2>@5=85. K1>@ O7K:>2KE A@54AB2 2 A>>B25BAB288 A F5;O<8 8 CA;>28O<8 >1I5=8O 4;O MDD5:B82=>3> @5H5=8O :><<C=8:0B82=>9 7040G8. @0:B8G5A:>5 >2;045=85 480;>38G5A:>9 D>@<>9 @5G8. @0:B8G5A:>5 >2;045=85 CAB=K<8 <>=>;>38G5A:8<8 2KA:07K20=8O<8 2 A>>B25BAB288 A CG51=>9 7040G59 ( >?8A0=85, ?>25AB2>20=85, @0AAC645=85) . 2;045=85 =>@<0<8 @5G52>3> MB8:5B0 2 A8BC0F8OE CG51=>3> 8 1KB>2>3> >1I5=8O ( ?@825BAB285, ?@>I0=85, 8728=5=85, 1;03>40@=>ABL, >1@0I5=85 A ?@>AL1>9) . !>1;N45=85 >@D>M?8G5A:8E =>@< 8 ?@028;L=>9 8=B>=0F88. 'B5=85. >=8<0=85 CG51=>3> B5:AB0. K1>@>G=>5 GB5=85 A F5;LN =0E>645=8O =5>1E>48<>3> <0B5@80;0. 0E>645=85 8=D>@<0F88, 7040==>9 2 B5:AB5 2 O2=>< 2845. $>@<C;8@>20=85 ?@>ABKE 2K2>4>2 =0 >A=>25 8=D>@<0F88, A>45@60I59AO 2 B5:AB5. 1>1I5=85 A>45@60I59AO 2 B5:AB5 8=D>@<0F88. 8AL<>. 8AL<> 1C:2, 1C:2>A>G5B0=89, A;>3>2, A;>2, ?@54;>65=89 2 A8AB5<5 >1CG5=8O 3@0<>B5. 2;045=85 @071>@G82K<, 0::C@0B=K< ?8AL<>< A CGQB>< 38385=8G5A:8E B@51>20=89 : MB><C 284C CG51=>9 @01>BK. !?8AK20=85, ?8AL<> ?>4 48:B>2:C 2 A>>B25BAB288 A 87CG5==K<8 ?@028;0<8. 8AL<5==>5 87;>65=85 A>45@60=8O ?@>A;CH0==>3> 8 ?@>G8B0==>3> B5:AB0. !>740=85 =51>;LH8E A>1AB25==KE B5:AB>2 ?> 8=B5@5A=>9 45BO< B5<0B8:5 ( =0 >A=>25 2?5G0B;5=89, ;8B5@0BC@=KE ?@>872545=89, AN65B=KE :0@B8=, A5@89 :0@B8=, ?@>A<>B@0 D@03<5=B0 2845>70?8A8 8 B. ?. ) . 1CG5=85 3@0<>B5 $>=5B8:0. 2C:8 @5G8. A>7=0=85 548=AB20 72C:>2>3> A>AB020 A;>20 8 53> 7=0G5=8O. #AB0=>2;5=85 G8A;0 8 ?>A;54>20B5;L=>AB8 72C:>2 2 A;>25. !>?>AB02;5=85 A;>2, @07;8G0NI8EAO >4=8< 8;8 =5A:>;L:8<8 72C:0<8. 07;8G5=85 3;0A=KE 8 A>3;0A=KE 72C:>2, 3;0A=KE C40@=KE 8 157C40@=KE, A>3;0A=KE B2Q@4KE 8 <O3:8E, 72>=:8E 8 3;CE8E. !;>3 :0: <8=8<0;L=0O ?@>87=>A8B5;L=0O 548=8F0. 5;5=85 A;>2 =0 A;>38. ?@545;5=85 <5AB0 C40@5=8O. @0D8:0. 07;8G5=85 72C:0 8 1C:2K: 1C:20 :0: 7=0: 72C:0. 2;045=85 ?>78F8>==K< A?>A>1>< >1>7=0G5=8O 72C:>2 1C:20<8. C:2K 3;0A=KE :0: ?>:070B5;L B2Q@4>AB8 <O3:>AB8 A>3;0A=KE 72C:>2. $C=:F8O 1C:2 5, Q, N, O. O3:89 7=0: :0: ?>:070B5;L <O3:>AB8 ?@54H5AB2CNI53> A>3;0A=>3> 72C:0. =0:><AB2> A @CAA:8< 0;D028B>< :0: ?>A;54>20B5;L=>ABLN 1C:2. 'B5=85. $>@<8@>20=85 =02K:0 A;>3>2>3> GB5=8O ( >@85=B0F8O =0 1C:2C, >1>7=0G0NICN 3;0A=K9 72C:) . ;02=>5 A;>3>2>5 GB5=85 8 GB5=85 F5;K<8 A;>20<8 A> A:>@>ABLN, A>>B25BAB2CNI59 8=48284C0;L=><C B5<?C @51Q=:0. A>7=0==>5 GB5=85 A;>2, A;>2>A>G5B0=89, ?@54;>65=89 8 :>@>B:8E B5:AB>2. 'B5=85 A 8=B>=0F8O<8 8 ?0C70<8 2 A>>B25BAB288 A> 7=0:0<8 ?@5?8=0=8O. 0728B85 >A>7=0==>AB8 8 2K@078B5;L=>AB8 GB5=8O =0 <0B5@80;5 =51>;LH8E B5:AB>2 8 AB8E>B2>@5=89. =0:><AB2> A >@D>M?8G5A:8< GB5=85< ( ?@8 ?5@5E>45 : GB5=8N F5;K<8 A;>20<8) . @D>3@0D8G5A:>5 GB5=85 ( ?@>3>20@820=85) :0: A@54AB2> A0<>:>=B@>;O ?@8 ?8AL<5 ?>4 48:B>2:C 8 ?@8 A?8AK20=88. 8AL<>. #A2>5=85 38385=8G5A:8E B@51>20=89 ?@8 ?8AL<5. 0728B85 <5;:>9 <>B>@8:8 ?0;LF52 8 A2>1>4K 42865=8O @C:8. 0728B85 C<5=8O >@85=B8@>20BLAO =0 ?@>AB@0=AB25 ;8AB0 2 B5B@048 8 =0 ?@>AB@0=AB25 :;0AA=>9 4>A:8. 2;045=85 =0G5@B0=85< ?8AL<5==KE ?@>?8A=KE ( 703;02=KE) 8 AB@>G=KE 1C:2. 8AL<> 1C:2, 1C:2>A>G5B0=89, A;>3>2, A;>2, ?@54;>65=89 A A>1;N45=85< 38385=8G5A:8E =>@<. 2;045=85 @071>@G82K<, 0::C@0B=K< ?8AL<><. 8AL<> ?>4 48:B>2:C A;>2 8 ?@54;>65=89, =0?8A0=85 :>B>@KE =5 @0AE>48BAO A 8E ?@>87=>H5=85<. #A2>5=85 ?@8Q<>2 8 ?>A;54>20B5;L=>AB8 ?@028;L=>3> A?8AK20=8O B5:AB0. @>25@:0 =0?8A0==>3> ?@8 ?><>I8 A;8G5=8O A B5:AB><- >1@07>< 8 ?>A;>3>2>3> GB5=8O =0?8A0==KE A;>2. @028;L=>5 >D>@<;5=85 =0?8A0==KE ?@54;>65=89 ( 1>;LH0O 1C:20 2 =0G0;5 ?@54;>65=8O, B>G:0 2 :>=F5) . K@01>B:0 =02K:0 ?8A0BL 1>;LHCN 1C:2C 2 8<5=0E ;N459 8 :;8G:0E 682>B=KE. >=8<0=85 DC=:F88 =51C:25==KE 3@0D8G5A:8E A@54AB2: ?@>15;0 <564C A;>20<8, 7=0:0 ?5@5=>A0. !;>2> 8 ?@54;>65=85. >A?@8OB85 A;>20 :0: >1J5:B0 87CG5=8O, <0B5@80;0 4;O 0=0;870. 01;N45=85 =04 7=0G5=85< A;>20. 07;8G5=85 A;>20 8 ?@54;>65=8O. 01>B0 A ?@54;>65=85<: 2K45;5=85 A;>2, 87<5=5=85 8E ?>@O4:0. =B>=0F8O 2 ?@54;>65=88. >45;8@>20=85 ?@54;>65=8O 2 A>>B25BAB288 A 7040==>9 8=B>=0F859. @D>3@0D8O. =0:><AB2> A ?@028;0<8 ?@02>?8A0=8O 8 8E ?@8<5=5=85: @0745;L=>5 =0?8A0=85 A;>2; >1>7=0G5=85 3;0A=KE ?>A;5 H8?OI8E ( G0 I0, GC IC, 68 H8) ; ?@>?8A=0O ( 703;02=0O) 1C:20 2 =0G0;5 ?@54;>65=8O, 2 8<5=0E A>1AB25==KE; ?5@5=>A A;>2 ?> A;>30< 157 AB5G5=8O A>3;0A=KE; 7=0:8 ?@5?8=0=8O 2 :>=F5 ?@54;>65=8O. 0728B85 @5G8. >=8<0=85 ?@>G8B0==>3> B5:AB0 ?@8 A0<>AB>OB5;L=>< GB5=88 2A;CE 8 ?@8 53> ?@>A;CH820=88. !>AB02;5=85 =51>;LH8E @0AA:07>2 ?>25AB2>20B5;L=>3> E0@0:B5@0 ?> A5@88 AN65B=KE :0@B8=>:, <0B5@80;0< A>1AB25==KE 83@, 70=OB89, =01;N45=89. !8AB5<0B8G5A:89 :C@A $>=5B8:0 8 >@D>M?8O. ;0A=K5 8 A>3;0A=K5 72C:8, @07;8G5=85 3;0A=KE 8 A>3;0A=KE 72C:>2. O3:85 8 B25@4K5 A>3;0A=K5 72C:8, @07;8G5=85 <O3:8E 8 B2Q@4KE A>3;0A=KE 72C:>2, >?@545;5=85 ?0@=KE 8 =5?0@=KE ?> B2Q@4>AB8 <O3:>AB8 A>3;0A=KE 72C:>2. 2>=:85 8 3;CE85 A>3;0A=K5 72C:8, @07;8G5=85 72>=:8E 8 3;CE8E A>3;0A=KE 72C:>2, >?@545;5=85 ?0@=KE 8 =5?0@=KE ?> 72>=:>AB8 3;CE>AB8 A>3;0A=KE 72C:>2. #40@5=85, =0E>645=85 2 A;>25 C40@=KE 8 157C40@=KE 3;0A=KE 72C:>2. 5;5=85 A;>2 =0 A;>38. ?@545;5=85 :0G5AB25==>9 E0@0:B5@8AB8:8 72C:0: 3;0A=K9 A>3;0A=K9; 3;0A=K9 C40@=K9 157C40@=K9; A>3;0A=K9 B2Q@4K9 <O3:89, ?0@=K9 =5?0@=K9; A>3;0A=K9 72>=:89 3;CE>9, ?0@=K9 =5?0@=K9. @>87=>H5=85 72C:>2 8 A>G5B0=89 72C:>2 2 A>>B25BAB288 A =>@<0<8 A>2@5<5==>3> @CAA:>3> ;8B5@0BC@=>3> O7K:0. $>=5B8G5A:89 @071>@ A;>20. @0D8:0. 07;8G5=85 72C:0 8 1C:2K: 1C:20 :0: 7=0: 72C:0. 2;045=85 ?>78F8>==K< A?>A>1>< >1>7=0G5=8O 72C:>2 1C:20<8. 1>7=0G5=85 =0 ?8AL<5 B2Q@4>AB8 8 <O3:>AB8 A>3;0A=KE 72C:>2. C:2K 3;0A=KE :0: ?>:070B5;L B2Q@4>AB8 <O3:>AB8 A>3;0A=KE 72C:>2. $C=:F8O 1C:2 5, Q, N, O. O3:89 7=0: :0: ?>:070B5;L <O3:>AB8 ?@54H5AB2CNI53> A>3;0A=>3> 72C:0. A?>;L7>20=85 =0 ?8AL<5 @0745;8B5;L=KE J 8 L. #AB0=>2;5=85 A>>B=>H5=8O 72C:>2>3> 8 1C:25==>3> A>AB020 A;>20 2 A;>20E B8?0 AB>;, :>=L; 2 A;>20E A 9>B8@>20==K<8 3;0A=K<8 5, Q, N, O; 2 A;>20E A =5?@>87=>A8<K<8 A>3;0A=K<8. A?>;L7>20=85 =51C:25==KE 3@0D8G5A:8E A@54AB2: ?@>15;0 <564C A;>20<8, 7=0:0 ?5@5=>A0, 0170F0. =0:><AB2> A @CAA:8< 0;D028B>< :0: ?>A;54>20B5;L=>ABLN 1C:2. =0=85 0;D028B0: ?@028;L=>5 =0720=85 1C:2, 7=0=85 8E ?>A;54>20B5;L=>AB8. A?>;L7>20=85 0;D028B0 ?@8 @01>B5 A> A;>20@O<8, A?@02>G=8:0<8, :0B0;>30<8: C<5=85 =09B8 A;>2> 2 H:>;L=>< >@D>3@0D8G5A:>< A;>20@5 ?> ?5@2>9 1C:25, C<5=85 @0A?>;>68BL A;>20 2 0;D028B=>< ?>@O4:5 ( =0?@8<5@, D0<8;88, 8<5=0) . !>AB02 A;>20 ( <>@D5<8:0) . 1I55 ?>=OB85 > G0ABOE A;>20: :>@=5, ?@8AB02:5, ACDD8:A5, >:>=G0=88. K45;5=85 2 A;>20E A >4=>7=0G=> 2K45;O5<K<8 <>@D5<0<8 >:>=G0=8O, :>@=O, ?@8AB02:8, ACDD8:A0. >@5=L, >1I55 ?>=OB85 > :>@=5 A;>20. 4=>:>@5==K5 A;>20, >2;045=85 ?>=OB85< Ť @>4AB25==K5 ( >4=>:>@5==K5) A;>20ť . K45;5=85 :>@=59 2 >4=>:>@5==KE ( @>4AB25==KE) A;>20E. 01;N45=85 70 548=>>1@0785< =0?8A0=8O :>@=59 ( :>@< :>@<8BL :>@<CH:0, ;5A ;5A=8: ;5A=>9) . 07;8G5=85 >4=>:>@5==KE A;>2 8 @07;8G=KE D>@< >4=>3> 8 B>3> 65 A;>20. @54AB02;5=85 > 7=0G5=88 ACDD8:A>2 8 ?@8AB02>:. #<5=85 >B;8G0BL ?@8AB02:C >B ?@54;>30. #<5=85 ?>418@0BL >4=>:>@5==K5 A;>20 A ?@8AB02:0<8 8 ACDD8:A0<8. 07;8G5=85 87<5=O5<KE 8 =587<5=O5<KE A;>2. 071>@ A;>20 ?> A>AB02C. >@D>;>38O. 1I85 A2545=8O > G0ABOE @5G8: 8<O ACI5AB28B5;L=>5, 8<O ?@8;030B5;L=>5, <5AB>8<5=85, 3;03>;, ?@54;>3. 5;5=85 G0AB59 @5G8 =0 A0<>AB>OB5;L=K5 8 A;C651=K5. <O ACI5AB28B5;L=>5. 3> 7=0G5=85 8 C?>B@51;5=85 2 @5G8. >?@>AK, @07;8G5=85 8<Q= ACI5AB28B5;L=KE, >B25G0NI8E =0 2>?@>AK Ť :B>? ť 8 Ť GB>? ť . #<5=85 >?>7=020BL 8<5=0 A>1AB25==K5. >4 ACI5AB28B5;L=KE: <C6A:>9, 65=A:89, A@54=89. 07;8G5=85 8<Q= ACI5AB28B5;L=KE <C6A:>3>, 65=A:>3> 8 A@54=53> @>40. 7<5=5=85 8<5= ACI5AB28B5;L=KE ?> G8A;0<. 7<5=5=85 8<5= ACI5AB28B5;L=KE ?> ?04560< 2 548=AB25==>< G8A;5 ( A:;>=5=85) . 1 , 2 , 3 - 5 A:;>=5=85, >?@545;5=85 ?@8=04;56=>AB8 8<Q= ACI5AB28B5;L=KE : 1 , 2 , 3 - <C A:;>=5=8N. ?@545;5=85 ?04560, 2 :>B>@>< C?>B@51;5=> 8<O ACI5AB28B5;L=>5. #<5=85 ?@028;L=> C?>B@51;OBL ?@54;>38 A 8<5=0<8 ACI5AB28B5;L=K<8 2 @07;8G=KE ?04560E. !:;>=5=85 8<5= ACI5AB28B5;L=KE 2> <=>65AB25==>< G8A;5. >@D>;>38G5A:89 @071>@ 8<Q= ACI5AB28B5;L=KE. <O ?@8;030B5;L=>5. 3> 7=0G5=85 8 C?>B@51;5=85 2 @5G8, 2>?@>AK. 7<5=5=85 8<5= ?@8;030B5;L=KE ?> @>40<, G8A;0< 8 ?04560<, 2 A>G5B0=88 A ACI5AB28B5;L=K<8 ( :@><5 ?@8;030B5;L=KE =0 - 89, - LO, - L5, - >2, - 8=) . >@D>;>38G5A:89 @071>@ 8<Q= ?@8;030B5;L=KE. 5AB>8<5=85. 1I55 ?@54AB02;5=85 > <5AB>8<5=88. 8G=K5 <5AB>8<5=8O, 7=0G5=85 8 C?>B@51;5=85 2 @5G8. 8G=K5 <5AB>8<5=8O 1 , 2 , 3 3>;8F0 548=AB25==>3> 8 <=>65AB25==>3> G8A;0. !:;>=5=85 ;8G=KE <5AB>8<5=89. @028;L=>5 C?>B@51;5=85 <5AB>8<5=89 2 @5G8 ( <5=O, <=>N, C =53>, A =59, > =5<) . ;03>;. 3> 7=0G5=85 8 C?>B@51;5=85 2 @5G8, 2>?@>AK. 1I55 ?>=OB85 > =5>?@545;5==>9 D>@<5 3;03>;0. 07;8G5=85 3;03>;>2, >B25G0NI8E =0 2>?@>AK Ť GB> A45;0BL? ť 8 Ť GB> 45;0BL? ť . @5<O 3;03>;0: =0AB>OI55, ?@>H54H55, 1C4CI55. 7<5=5=85 3;03>;>2 ?> ;8F0< 8 G8A;0< 2 =0AB>OI5< 8 1C4CI5< 2@5<5=8 ( A?@O65=85) . !?>A>1K >?@545;5=8O I 8 I I A?@O65=8O 3;03>;>2 ( ?@0:B8G5A:>5 >2;045=85) . 7<5=5=85 3;03>;>2 2 ?@>H54H5< 2@5<5=8 ?> @>40< 8 G8A;0<. >@D>;>38G5A:89 @071>@ 3;03>;>2. @54;>3. =0:><AB2> A =081>;55 C?>B@518B5;L=K<8 ?@54;>30<8. $C=:F8O ?@54;>3>2: >1@07>20=85 ?0456=KE D>@< 8<Q= ACI5AB28B5;L=KE 8 <5AB>8<5=89. B;8G85 ?@54;>3>2 >B ?@8AB02>:. 5:A8:0. KO2;5=85 A;>2, 7=0G5=85 :>B>@KE B@51C5B CB>G=5=8O. ?@545;5=85 7=0G5=8O A;>20 ?> B5:ABC 8;8 CB>G=5=85 7=0G5=8O A ?><>ILN B>;:>2>3> A;>20@O. @54AB02;5=85 >1 >4=>7=0G=KE 8 <=>3>7=0G=KE A;>20E, > ?@O<>< 8 ?5@5=>A=>< 7=0G5=88 A;>20. 01;N45=85 70 8A?>;L7>20=85< 2 @5G8 A8=>=8<>2 8 0=B>=8<>2. !8=B0:A8A. 07;8G5=85 ?@54;>65=8O, A;>2>A>G5B0=8O, A;>20. #<5=85 2K45;8BL A;>2>A>G5B0=8O ( ?0@K A;>2) , A2O70==K5 <564C A>1>9 ?> A<KA;C ( 157 ?@54;>30 8 A ?@54;>3><) ; A>AB028BL ?@54;>65=85 A 87CG5==K<8 3@0<<0B8G5A:8<8 D>@<0<8 8 @0A?@>AB@0=8BL ?@54;>65=85. @54;>65=8O ?> F5;8 2KA:07K20=8O: ?>25AB2>20B5;L=K5, 2>?@>A8B5;L=K5 8 ?>1C48B5;L=K5; ?> M<>F8>=0;L=>9 >:@0A:5 ( 8=B>=0F88) : 2>A:;8F0B5;L=K5 8 =52>A:;8F0B5;L=K5. K45;5=85 3>;>A>< 206=>3> ?> A<KA;C A;>20 2 ?@54;>65=88. ;02=K5 G;5=K ?@54;>65=8O: ?>4;560I55 8 A:07C5<>5. B>@>AB5?5==K5 G;5=K ?@54;>65=8O ( 157 @0745;5=8O =0 284K) . 0E>645=85 3;02=KE G;5=>2 ?@54;>65=8O. 07;8G5=85 3;02=KE 8 2B>@>AB5?5==KE G;5=>2 ?@54;>65=8O. #AB0=>2;5=85 A2O78 ( ?@8 ?><>I8 A<KA;>2KE 2>?@>A>2) <564C A;>20<8 2 A;>2>A>G5B0=88 8 ?@54;>65=88. @54;>65=8O A >4=>@>4=K<8 G;5=0<8 A A>N70<8 8 ( 157 ?5@5G8A;5=8O) , 0, => 8 157 A>N7>2. A?>;L7>20=85 8=B>=0F88 ?5@5G8A;5=8O 2 ?@54;>65=8OE A >4=>@>4=K<8 G;5=0<8, 70?OB0O ?@8 ?5@5G8A;5=88. #<5=85 A>AB028BL ?@54;>65=8O A >4=>@>4=K<8 G;5=0<8 157 A>N7>2 8 A A>N70<8 8, 0, =>. =0:><AB2> A> A;>6=K< ?@54;>65=85<. !;>6=K5 ?@54;>65=8O, A>AB>OI85 87 42CE ?@>ABKE. 07;8G5=85 ?@>ABKE 8 A;>6=KE ?@54;>65=89. 0?OB0O 2 A;>6=KE ?@54;>65=8OE. #<5=85 A>AB028BL A;>6=>5 ?@54;>65=85 8 ?>AB028BL 70?OBCN ?5@54 A>N70<8 8, 0, =>. @D>3@0D8O 8 ?C=:BC0F8O. $>@<8@>20=85 >@D>3@0D8G5A:>9 7>@:>AB8. A?>;L7>20=85 >@D>3@0D8G5A:>3> A;>20@O. @8<5=5=85 ?@028; ?@02>?8A0=8O: A>G5B0=8O 68 H8, G0 I0, GC IC 2 ?>;>65=88 ?>4 C40@5=85<; A>G5B0=8O G: G=, GB, I=; ?5@5=>A A;>2; ?@>?8A=0O 1C:20 2 =0G0;5 ?@54;>65=8O, 2 8<5=0E A>1AB25==KE; ?@>25@O5<K5 157C40@=K5 3;0A=K5 2 :>@=5 A;>20; ?0@=K5 72>=:85 8 3;CE85 A>3;0A=K5 2 :>@=5 A;>20; =5?@>87=>A8<K5 A>3;0A=K5; =5?@>25@O5<K5 3;0A=K5 8 A>3;0A=K5 2 :>@=5 A;>20 ( =0 >3@0=8G5==>< ?5@5G=5 A;>2) ; 3;0A=K5 8 A>3;0A=K5 2 =587<5=O5<KE =0 ?8AL<5 ?@8AB02:0E; @0745;8B5;L=K5 J 8 L; <O3:89 7=0: ?>A;5 H8?OI8E =0 :>=F5 8<Q= ACI5AB28B5;L=KE ( =>GL, =>6, @>6L, <KHL) ; 157C40@=K5 ?0456=K5 >:>=G0=8O 8<Q= ACI5AB28B5;L=KE ( :@><5 ACI5AB28B5;L=KE =0 <O, 89, LO, L5, 8O, >2, 8=) ; 157C40@=K5 >:>=G0=8O 8<Q= ?@8;030B5;L=KE; @0745;L=>5 =0?8A0=85 ?@54;>3>2 A ;8G=K<8 <5AB>8<5=8O<8; =5 A 3;03>;0<8; <O3:89 7=0: ?>A;5 H8?OI8E =0 :>=F5 3;03>;>2 2 D>@<5 2 3> ;8F0 548=AB25==>3> G8A;0 ( ?8H5HL, CG8HL) ; <O3:89 7=0: 2 3;03>;0E 2 A>G5B0=88 BLAO; 157C40@=K5 ;8G=K5 >:>=G0=8O 3;03>;>2; @0745;L=>5 =0?8A0=85 ?@54;>3>2 A 4@C38<8 A;>20<8; 7=0:8 ?@5?8=0=8O 2 :>=F5 ?@54;>65=8O: B>G:0, 2>?@>A8B5;L=K9 8 2>A:;8F0B5;L=K9 7=0:8; 7=0:8 ?@5?8=0=8O ( 70?OB0O) 2 ?@54;>65=8OE A >4=>@>4=K<8 G;5=0<8. 0728B85 @5G8 A>7=0=85 A8BC0F88 >1I5=8O: A :0:>9 F5;LN, A :5< 8 345 ?@>8AE>48B >1I5=85. @0:B8G5A:>5 >2;045=85 480;>38G5A:>9 D>@<>9 @5G8. K@065=85 A>1AB25==>3> <=5=8O. 2;045=85 =>@<0<8 @5G52>3> MB8:5B0 2 A8BC0F8OE CG51=>3> 8 1KB>2>3> >1I5=8O ( ?@825BAB285, ?@>I0=85, 8728=5=85, 1;03>40@=>ABL, >1@0I5=85 A ?@>AL1>9) . 2;045=85 :@0B:8<8 8 ?>;=K<8 >B25B0<8 =0 2>?@>AK. !>AB02;5=85 2>?@>A>2 CAB=> 8 ?8AL<5==>. !>AB02;5=85 480;>3>2 2 D>@<5 2>?@>A>2 8 >B25B>2. @0:B8G5A:>5 >2;045=85 CAB=K<8 <>=>;>38G5A:8<8 2KA:07K20=8O<8 =0 >?@545;Q==CN B5<C A 8A?>;L7>20=85< @07=KE B8?>2 @5G8 ( ?>25AB2>20=85, >?8A0=85) . !>AB02;5=85 8 70?8AL @0AA:07>2 ?>25AB2>20B5;L=>3> E0@0:B5@0 ?> AN65B=K< :0@B8=:0<, A ?><>ILN 2>?@>A>2; A>AB02;5=85 AN65B=KE @0AA:07>2 ?> 3>B>2><C ?;0=C ( 2 D>@<5 2>?@>A>2, ?>25AB2>20B5;L=KE ?@54;>65=89) . 2545=85 2 @0AA:07K M;5<5=B>2 >?8A0=8O. >AB@>5=85 CAB=>3> >B25B0 ?> CG51=><C <0B5@80;C ( A?5F8D8:0 CG51=>- 45;>2>9 @5G8) . "5:AB. @87=0:8 B5:AB0. !<KA;>2>5 548=AB2> ?@54;>65=89 2 B5:AB5. 03;0285 B5:AB0. >A;54>20B5;L=>ABL ?@54;>65=89 2 B5:AB5. >A;54>20B5;L=>ABL G0AB59 B5:AB0 ( 0170F52) . ><?;5:A=0O @01>B0 =04 AB@C:BC@>9 B5:AB0: >703;02;820=85, :>@@5:B8@>20=85 ?>@O4:0 ?@54;>65=89 8 G0AB59 B5:AB0 ( 0170F52) . ;0= B5:AB0. !>AB02;5=85 ?;0=>2 : 40==K< B5:AB0<. "8?K B5:AB>2: >?8A0=85, ?>25AB2>20=85, @0AAC645=85, 8E >A>15==>AB8. =0:><AB2> A 60=@0<8 ?8AL<0 8 ?>74@02;5=8O. !>740=85 A>1AB25==KE B5:AB>2 8 :>@@5:B8@>20=85 7040==KE B5:AB>2 A CGQB>< B>G=>AB8, ?@028;L=>AB8, 1>30BAB20 8 2K@078B5;L=>AB8 ?8AL<5==>9 @5G8; 8A?>;L7>20=85 2 B5:AB0E A8=>=8<>2 8 0=B>=8<>2. >=OB85 >1 87;>65=88 8 A>G8=5=88. 7;>65=85 ?>4 @C:>2>4AB2>< CG8B5;O, ?> 3>B>2><C 8 :>;;5:B82=> A>AB02;5==><C ?;0=C. >4@>1=K9 8 A60BK9 @0AA:07 ( A>G8=5=85) ?> :0@B8=:5 8 A5@88 :0@B8=>:. 2 . 8B5@0BC@=>5 GB5=85 84K @5G52>9 8 G8B0B5;LA:>9 45OB5;L=>AB8 C48@>20=85 ( A;CH0=85) . >A?@8OB85 =0 A;CE 72CG0I59 @5G8 ( 2KA:07K20=85 A>15A54=8:0, GB5=85 @07;8G=KE B5:AB>2) . 45:20B=>5 ?>=8<0=85 A>45@60=8O 72CG0I59 @5G8, C<5=85 >B25G0BL =0 2>?@>AK ?> A>45@60=8N CA;KH0==>3> ?@>872545=8O, >?@545;5=85 ?>A;54>20B5;L=>AB8 A>1KB89, >A>7=0=85 F5;8 @5G52>3> 2KA:07K20=8O, C<5=85 704020BL 2>?@>A ?> CA;KH0==><C CG51=><C, =0CG=>- ?>7=020B5;L=><C 8 EC4>65AB25==><C ?@>872545=8N. 'B5=85 'B5=85 2A;CE. >AB5?5==K9 ?5@5E>4 >B A;>3>2>3> : ?;02=><C >A<KA;5==><C ?@028;L=><C GB5=8N F5;K<8 A;>20<8 2A;CE ( A:>@>ABL GB5=8O 2 A>>B25BAB288 A 8=48284C0;L=K< B5<?>< GB5=8O) , ?>AB5?5==>5 C25;8G5=85 A:>@>AB8 GB5=8O, ?>72>;ONI59 >A>7=0BL B5:AB. !>1;N45=85 >@D>M?8G5A:8E 8 8=B>=0F8>==KE =>@< GB5=8O. 'B5=85 ?@54;>65=89 A 8=B>=0F8>==K< 2K45;5=85< 7=0:>2 ?@5?8=0=8O. 'B5=85 ?@> A51O. A>7=0=85 A<KA;0 ?@>872545=8O ?@8 GB5=88 ?@> A51O ( 4>ABC?=KE ?> >1JQ<C 8 60=@C ?@>872545=89) . #<5=85 =0E>48BL 2 B5:AB5 =5>1E>48<CN 8=D>@<0F8N. 01>B0 A @07=K<8 2840<8 B5:AB0. 1I55 ?@54AB02;5=85 > @07=KE 2840E B5:AB0: EC4>65AB25==K9, CG51=K9, =0CG=>- ?>?C;O@=K9, 8E A@02=5=85. ?@545;5=85 F5;59 A>740=8O MB8E 284>2 B5:AB0. A>15==>AB8 D>;L:;>@=>3> B5:AB0. @0:B8G5A:>5 >A2>5=85 C<5=8O >B;8G0BL B5:AB >B =01>@0 ?@54;>65=89. @>3=>78@>20=85 A>45@60=8O :=838 ?> 5Q =0720=8N 8 >D>@<;5=8N. !0<>AB>OB5;L=>5 45;5=85 B5:AB0 =0 A<KA;>2K5 G0AB8, 8E >703;02;820=85. #<5=85 @01>B0BL A @07=K<8 2840<8 8=D>@<0F88. #G0AB85 2 :>;;5:B82=>< >1AC645=88: C<5=85 >B25G0BL =0 2>?@>AK, 2KABC?0BL ?> B5<5, A;CH0BL 2KABC?;5=8O B>20@8I59, 4>?>;=OBL >B25BK ?> E>4C 15A54K, 8A?>;L7CO B5:AB. @82;5G5=85 A?@02>G=KE 8 8;;NAB@0B82=> 87>1@078B5;L=KE <0B5@80;>2. 81;8>3@0D8G5A:0O :C;LBC@0. =830 :0: >A>1K9 284 8A:CAAB20. =830 :0: 8AB>G=8: =5>1E>48<KE 7=0=89. =830 CG51=0O, EC4>65AB25==0O, A?@02>G=0O. -;5<5=BK :=838: A>45@60=85 8;8 >3;02;5=85, B8BC;L=K9 ;8AB, 0==>B0F8O, 8;;NAB@0F88. 84K 8=D>@<0F88 2 :=835: =0CG=0O, EC4>65AB25==0O ( A >?>@>9 =0 2=5H=85 ?>:070B5;8 :=838, 5Q A?@02>G=>- 8;;NAB@0B82=K9 <0B5@80;) . "8?K :=83 ( 8740=89) : :=830- ?@>872545=85, :=830- A1>@=8:, A>1@0=85 A>G8=5=89, ?5@8>48G5A:0O ?5G0BL, A?@02>G=K5 8740=8O ( A?@02>G=8:8, A;>20@8, M=F8:;>?5488) . K1>@ :=83 =0 >A=>25 @5:><5=4>20==>3> A?8A:0, :0@B>B5:8, >B:@KB>3> 4>ABC?0 : 45BA:8< :=830< 2 181;8>B5:5. ;D028B=K9 :0B0;>3. !0<>AB>OB5;L=>5 ?>;L7>20=85 A>>B25BAB2CNI8<8 2>7@0ABC A;>20@O<8 8 A?@02>G=>9 ;8B5@0BC@>9. 01>B0 A B5:AB>< EC4>65AB25==>3> ?@>872545=8O. >=8<0=85 703;028O ?@>872545=8O, 53> 045:20B=>5 A>>B=>H5=85 A A>45@60=85<. ?@545;5=85 >A>15==>AB59 EC4>65AB25==>3> B5:AB0: A2>5>1@0785 2K@078B5;L=KE A@54AB2 O7K:0 ( A ?><>ILN CG8B5;O) . A>7=0=85 B>3>, GB> D>;L:;>@ 5ABL 2K@065=85 >1I5G5;>25G5A:8E =@02AB25==KE ?@028; 8 >B=>H5=89. >=8<0=85 =@02AB25==>3> A>45@60=8O ?@>G8B0==>3>, >A>7=0=85 <>B820F88 ?>2545=8O 35@>52, 0=0;87 ?>ABC?:>2 35@>52 A B>G:8 7@5=8O =>@< <>@0;8. A>7=0=85 ?>=OB8O Ť >48=0ť , ?@54AB02;5=8O > ?@>O2;5=88 ;N128 : >48=5 2 ;8B5@0BC@5 @07=KE =0@>4>2 ( =0 ?@8<5@5 =0@>4>2 >AA88) . !E>65ABL B5<, 8459, 35@>52 2 D>;L:;>@5 @07=KE =0@>4>2. !0<>AB>OB5;L=>5 2>A?@>872545=85 B5:AB0 A 8A?>;L7>20=85< 2K@078B5;L=KE A@54AB2 O7K:0: ?>A;54>20B5;L=>5 2>A?@>872545=85 M?87>40 A 8A?>;L7>20=85< A?5F8D8G5A:>9 4;O 40==>3> ?@>872545=8O ;5:A8:8 ( ?> 2>?@>A0< CG8B5;O) , @0AA:07 ?> 8;;NAB@0F8O<, ?5@5A:07. %0@0:B5@8AB8:0 35@>O ?@>872545=8O. 0E>645=85 2 B5:AB5 A;>2 8 2K@065=89, E0@0:B5@87CNI8E 35@>O 8 A>1KB85. =0;87 ( A ?><>ILN CG8B5;O) , <>B82K ?>ABC?:0 ?5@A>=060. !>?>AB02;5=85 ?>ABC?:>2 35@>52 ?> 0=0;>388 8;8 ?> :>=B@0ABC. KO2;5=85 02B>@A:>3> >B=>H5=8O : 35@>N =0 >A=>25 0=0;870 B5:AB0, 02B>@A:8E ?><5B, 8<Q= 35@>52. %0@0:B5@8AB8:0 35@>O ?@>872545=8O. >@B@5B, E0@0:B5@ 35@>O, 2K@065==K5 G5@57 ?>ABC?:8 8 @5GL. A2>5=85 @07=KE 284>2 ?5@5A:070 EC4>65AB25==>3> B5:AB0: ?>4@>1=K9, 2K1>@>G=K9 8 :@0B:89 ( ?5@540G0 >A=>2=KE <KA;59) . >4@>1=K9 ?5@5A:07 B5:AB0: >?@545;5=85 3;02=>9 <KA;8 D@03<5=B0, 2K45;5=85 >?>@=KE 8;8 :;NG52KE A;>2, >703;02;820=85, ?>4@>1=K9 ?5@5A:07 M?87>40; 45;5=85 B5:AB0 =0 G0AB8, >703;02;820=85 :064>9 G0AB8 8 2A53> B5:AB0, A>AB02;5=85 ?;0=0 2 2845 =07K2=KE ?@54;>65=89 87 B5:AB0, 2 2845 2>?@>A>2, 2 2845 A0<>AB>OB5;L=> AD>@<C;8@>20==>3> 2KA:07K20=8O. !0<>AB>OB5;L=K9 2K1>@>G=K9 ?5@5A:07 ?> 7040==><C D@03<5=BC: E0@0:B5@8AB8:0 35@>O ?@>872545=8O ( >B1>@ A;>2, 2K@065=89 2 B5:AB5, ?>72>;ONI8E A>AB028BL @0AA:07 > 35@>5) , >?8A0=85 <5AB0 459AB28O ( 2K1>@ A;>2, 2K@065=89 2 B5:AB5, ?>72>;ONI8E A>AB028BL 40==>5 >?8A0=85 =0 >A=>25 B5:AB0) . 01>B0 A CG51=K<8, =0CG=>- ?>?C;O@=K<8 8 4@C38<8 B5:AB0<8. >=8<0=85 703;028O ?@>872545=8O; 045:20B=>5 A>>B=>H5=85 A 53> A>45@60=85<. ?@545;5=85 >A>15==>AB59 CG51=>3> 8 =0CG=>- ?>?C;O@=>3> B5:AB>2 ( ?5@540G0 8=D>@<0F88) . 5;5=85 B5:AB0 =0 G0AB8. ?@545;5=85 <8:@>B5<. ;NG52K5 8;8 >?>@=K5 A;>20. >A?@>872545=85 B5:AB0 A >?>@>9 =0 :;NG52K5 A;>20, <>45;L, AE5<C. >4@>1=K9 ?5@5A:07 B5:AB0. @0B:89 ?5@5A:07 B5:AB0 ( 2K45;5=85 3;02=>3> 2 A>45@60=88 B5:AB0) . >2>@5=85 ( :C;LBC@0 @5G52>3> >1I5=8O) A>7=0=85 480;>30 :0: 2840 @5G8. A>15==>AB8 480;>38G5A:>3> >1I5=8O: ?>=8<0BL 2>?@>AK, >B25G0BL =0 =8E 8 A0<>AB>OB5;L=> 704020BL 2>?@>AK ?> B5:ABC; 2KA;CH820BL, =5 ?5@51820O, A>15A54=8:0 8 2 256;82>9 D>@<5 2KA:07K20BL A2>N B>G:C 7@5=8O ?> >1AC6405<><C ?@>872545=8N ( CG51=><C, =0CG=>- ?>7=020B5;L=><C, EC4>65AB25==><C B5:ABC) . A?>;L7>20=85 =>@< @5G52>3> MB8:5B0 2 CA;>28OE 2=5CG51=>3> >1I5=8O. 01>B0 A> A;>2>< ( @0A?>7=0=85 ?@O<>3> 8 ?5@5=>A=>3> 7=0G5=8O A;>2, 8E <=>3>7=0G=>AB8) , ?>?>;=5=85 0:B82=>3> A;>20@=>3> 70?0A0. >=>;>3 :0: D>@<0 @5G52>3> 2KA:07K20=8O. >=>;>38G5A:>5 @5G52>5 2KA:07K20=85 =51>;LH>3> >1JQ<0 A >?>@>9 =0 02B>@A:89 B5:AB, ?> ?@54;>65==>9 B5<5 8;8 2 2845 ( D>@<5) >B25B0 =0 2>?@>A. B@065=85 >A=>2=>9 <KA;8 B5:AB0 2 2KA:07K20=88. 5@540G0 A>45@60=8O ?@>G8B0==>3> 8;8 ?@>A;CH0==>3> A CGQB>< A?5F8D8:8 CG51=>3> 8 EC4>65AB25==>3> B5:AB0. 5@540G0 2?5G0B;5=89 ( 87 ?>2A54=52=>9 687=8, >B EC4>65AB25==>3> ?@>872545=8O, ?@>872545=8O 87>1@078B5;L=>3> 8A:CAAB20) 2 @0AA:075 ( >?8A0=85, @0AAC645=85, ?>25AB2>20=85) . >AB@>5=85 ?;0=0 A>1AB25==>3> 2KA:07K20=8O. B1>@ 8 8A?>;L7>20=85 2K@078B5;L=KE A@54AB2 O7K:0 ( A8=>=8<K, 0=B>=8<K, A@02=5=85) A CGQB>< >A>15==>AB59 <>=>;>38G5A:>3> 2KA:07K20=8O. 8AL<> ( :C;LBC@0 ?8AL<5==>9 @5G8) >@<K ?8AL<5==>9 @5G8: A>>B25BAB285 A>45@60=8O 703>;>2:C ( >B@065=85 B5<K, <5AB0 459AB28O, E0@0:B5@>2 35@>52) , 8A?>;L7>20=85 2K@078B5;L=KE A@54AB2 O7K:0 ( A8=>=8<K, 0=B>=8<K, A@02=5=85) 2 <8=8A>G8=5=8OE ( ?>25AB2>20=85, >?8A0=85, @0AAC645=85) , @0AA:07 =0 7040==CN B5<C, >B7K2. @C3 45BA:>3> GB5=8O @>872545=8O CAB=>3> =0@>4=>3> B2>@G5AB20 @07=KE =0@>4>2 >AA88. @>872545=8O :;0AA8:>2 >B5G5AB25==>9 ;8B5@0BC@K X I X %% 22. , :;0AA8:>2 45BA:>9 ;8B5@0BC@K, ?@>872545=8O A>2@5<5==>9 >B5G5AB25==>9 ( A CGQB>< <=>3>=0F8>=0;L=>3> E0@0:B5@0 >AA88) 8 70@C156=>9 ;8B5@0BC@K, 4>ABC?=K5 4;O 2>A?@8OB8O <;04H8E H:>;L=8:>2 A 7045@6:>9 ?A8E8G5A:>3> @0728B8O. @54AB02;5==>ABL @07=KE 284>2 :=83: 8AB>@8G5A:0O, ?@8:;NG5=G5A:0O, D0=B0AB8G5A:0O, =0CG=>- ?>?C;O@=0O, A?@02>G=>- M=F8:;>?548G5A:0O ;8B5@0BC@0; 45BA:85 ?5@8>48G5A:85 8740=8O ( ?> 2K1>@C) . A=>2=K5 B5<K 45BA:>3> GB5=8O: D>;L:;>@ @07=KE =0@>4>2, ?@>872545=8O > >48=5, ?@8@>45, 45BOE, 1@0BLOE =0H8E <5=LH8E, B@C45, 4>1@5 8 7;5, E>@>H8E 8 ?;>E8E ?>ABC?:0E, N<>@8AB8G5A:85 ?@>872545=8O. 8B5@0BC@>254G5A:0O ?@>?5452B8:0 ( ?@0:B8G5A:>5 >A2>5=85) 0E>645=85 2 B5:AB5, >?@545;5=85 7=0G5=8O 2 EC4>65AB25==>9 @5G8 ( A ?><>ILN CG8B5;O) A@54AB2 2K@078B5;L=>AB8: A8=>=8<>2, 0=B>=8<>2, M?8B5B>2, A@02=5=89, <5B0D>@, 38?5@1>;. @85=B8@>2:0 2 ;8B5@0BC@=KE ?>=OB8OE: EC4>65AB25==>5 ?@>872545=85, 02B>@ ( @0AA:07G8:) , AN65B, B5<0; 35@>9 ?@>872545=8O: 53> ?>@B@5B, @5GL, ?>ABC?:8, <KA;8; >B=>H5=85 02B>@0 : 35@>N. @>708G5A:0O 8 AB8E>B2>@=0O @5GL: C7=020=85, @07;8G5=85, 2K45;5=85 >A>15==>AB59 AB8E>B2>@=>3> ?@>872545=8O ( @8B<, @8D<0) . $>;L:;>@ 8 02B>@A:85 EC4>65AB25==K5 ?@>872545=8O ( @07;8G5=85) . 0=@>2>5 @07=>>1@0785 ?@>872545=89. 0;K5 D>;L:;>@=K5 D>@<K ( :>;K15;L=K5 ?5A=8, ?>B5H:8, ?>A;>28FK 8 ?>3>2>@:8, 70304:8) C7=020=85, @07;8G5=85, >?@545;5=85 >A=>2=>3> A<KA;0. !:07:8 ( > 682>B=KE, 1KB>2K5, 2>;H51=K5) . %C4>65AB25==K5 >A>15==>AB8 A:07>:: ;5:A8:0, ?>AB@>5=85 ( :><?>78F8O) . 8B5@0BC@=0O ( 02B>@A:0O) A:07:0. 0AA:07, AB8E>B2>@5=85, 10A=O >1I55 ?@54AB02;5=85 > 60=@5, >A>15==>ABOE ?>AB@>5=8O 8 2K@078B5;L=KE A@54AB20E. "2>@G5A:0O 45OB5;L=>ABL >1CG0NI8EAO ( =0 >A=>25 ;8B5@0BC@=KE ?@>872545=89) =B5@?@5B0F8O B5:AB0 ;8B5@0BC@=>3> ?@>872545=8O 2 B2>@G5A:>9 45OB5;L=>AB8 CG0I8EAO: GB5=85 ?> @>;O<, 8=AF5=8@>20=85, 4@0<0B870F8O; CAB=>5 A;>25A=>5 @8A>20=85, 7=0:><AB2> A @07;8G=K<8 A?>A>10<8 @01>BK A 45D>@<8@>20==K< B5:AB>< 8 8A?>;L7>20=85 8E ( CAB0=>2;5=85 ?@8G8==>- A;54AB25==KE A2O759, ?>A;54>20B5;L=>AB8 A>1KB89: A>1;N45=85 MB0?=>AB8 2 2K?>;=5=88 459AB289) ; 87;>65=85 A M;5<5=B0<8 A>G8=5=8O, A>740=85 A>1AB25==>3> B5:AB0 =0 >A=>25 EC4>65AB25==>3> ?@>872545=8O ( B5:AB ?> 0=0;>388) , @5?@>4C:F89 :0@B8= EC4>6=8:>2, ?> A5@88 8;;NAB@0F89 : ?@>872545=8N 8;8 =0 >A=>25 ;8G=>3> >?KB0. 4 . 0B5<0B8:0 '8A;0 8 25;8G8=K !GQB ?@54<5B>2. 'B5=85 8 70?8AL G8A5; >B =C;O 4> <8;;8>=0. ;0AAK 8 @07@O4K. @54AB02;5=85 <=>3>7=0G=KE G8A5; 2 2845 AC<<K @07@O4=KE A;0305<KE. !@02=5=85 8 C?>@O4>G5=85 G8A5;, 7=0:8 A@02=5=8O. 7<5@5=85 25;8G8=; A@02=5=85 8 C?>@O4>G5=85 25;8G8=. 48=8FK <0AAK ( 3@0<<, :8;>3@0<<, F5=B=5@, B>==0) , 2<5AB8<>AB8 ( ;8B@) , 2@5<5=8 ( A5:C=40, <8=CB0, G0A) . !>>B=>H5=8O <564C 548=8F0<8 87<5@5=8O >4=>@>4=KE 25;8G8=. !@02=5=85 8 C?>@O4>G5=85 >4=>@>4=KE 25;8G8=. >;O 25;8G8=K ( ?>;>28=0, B@5BL, G5B25@BL, 45AOB0O, A>B0O, BKAOG=0O) . @8D<5B8G5A:85 459AB28O !;>65=85, 2KG8B0=85, C<=>65=85 8 45;5=85. 0720=8O :><?>=5=B>2 0@8D<5B8G5A:8E 459AB289, 7=0:8 459AB289. "01;8F0 A;>65=8O. "01;8F0 C<=>65=8O. !2O7L <564C A;>65=85<, 2KG8B0=85<, C<=>65=85< 8 45;5=85<. 0E>645=85 =58725AB=>3> :><?>=5=B0 0@8D<5B8G5A:>3> 459AB28O. 5;5=85 A >AB0B:><. '8A;>2>5 2K@065=85. #AB0=>2;5=85 ?>@O4:0 2K?>;=5=8O 459AB289 2 G8A;>2KE 2K@065=8OE A> A:>1:0<8 8 157 A:>1>:. 0E>645=85 7=0G5=8O G8A;>2>3> 2K@065=8O. A?>;L7>20=85 A2>9AB2 0@8D<5B8G5A:8E 459AB289 2 2KG8A;5=8OE ( ?5@5AB0=>2:0 8 3@C??8@>2:0 A;0305<KE 2 AC<<5, <=>68B5;59 2 ?@>872545=88; C<=>65=85 AC<<K 8 @07=>AB8 =0 G8A;>) . ;3>@8B<K ?8AL<5==>3> A;>65=8O, 2KG8B0=8O, C<=>65=8O 8 45;5=8O <=>3>7=0G=KE G8A5;. !?>A>1K ?@>25@:8 ?@028;L=>AB8 2KG8A;5=89 ( 0;3>@8B<, >1@0B=>5 459AB285, >F5=:0 4>AB>25@=>AB8, ?@8:84:8 @57C;LB0B0, 2KG8A;5=85 =0 :0;L:C;OB>@5) . 01>B0 A B5:AB>2K<8 7040G0<8 5H5=85 B5:AB>2KE 7040G 0@8D<5B8G5A:8< A?>A>1><. 040G8, A>45@60I85 >B=>H5=8O Ť 1>;LH5 ( <5=LH5) =0& ť , Ť 1>;LH5 ( <5=LH5) 2& ť . 028A8<>AB8 <564C 25;8G8=0<8, E0@0:B5@87CNI8<8 ?@>F5AAK 42865=8O, @01>BK, :C?;8- ?@>4068 8 4@. !:>@>ABL, 2@5<O, ?CBL; >1JQ< @01>BK, 2@5<O, ?@>872>48B5;L=>ABL B@C40; :>;8G5AB2> B>20@0, 53> F5=0 8 AB>8<>ABL 8 4@. ;0=8@>20=85 E>40 @5H5=8O 7040G8. @54AB02;5=85 B5:AB0 7040G8 ( AE5<0, B01;8F0, 4803@0<<0 8 4@C385 <>45;8) . 040G8 =0 =0E>645=85 4>;8 F5;>3> 8 F5;>3> ?> 53> 4>;5. @>AB@0=AB25==K5 >B=>H5=8O. 5><5B@8G5A:85 D83C@K 708<=>5 @0A?>;>65=85 ?@54<5B>2 2 ?@>AB@0=AB25 8 =0 ?;>A:>AB8 ( 2KH5 =865, A;520 A?@020, A25@EC A=87C, 1;865 40;LH5, <564C 8 ?@. ) . 0A?>7=020=85 8 87>1@065=85 35><5B@8G5A:8E D83C@: B>G:0, ;8=8O ( :@820O, ?@O<0O) , >B@57>:, ;><0=0O, C3>;, <=>3>C3>;L=8:, B@5C3>;L=8:, ?@O<>C3>;L=8:, :204@0B, >:@C6=>ABL, :@C3. A?>;L7>20=85 G5@BQ6=KE 8=AB@C<5=B>2 4;O 2K?>;=5=8O ?>AB@>5=89. 5><5B@8G5A:85 D>@<K 2 >:@C60NI5< <8@5. 0A?>7=020=85 8 =07K20=85: :C1, H0@, ?0@0;;5;5?8?54, ?8@0<840, F8;8=4@, :>=CA. 5><5B@8G5A:85 25;8G8=K 5><5B@8G5A:85 25;8G8=K 8 8E 87<5@5=85. 7<5@5=85 4;8=K >B@57:0. 48=8FK 4;8=K ( <<, A<, 4<, <, :<) . 5@8<5B@. KG8A;5=85 ?5@8<5B@0 <=>3>C3>;L=8:0. ;>I04L 35><5B@8G5A:>9 D83C@K. 48=8FK ?;>I048 ( A<2 , 4<2 , <2 ) . ">G=>5 8 ?@81;86Q==>5 87<5@5=85 ?;>I048 35><5B@8G5A:>9 D83C@K. KG8A;5=85 ?;>I048 ?@O<>C3>;L=8:0. 01>B0 A 8=D>@<0F859 !1>@ 8 ?@54AB02;5=85 8=D>@<0F88, A2O70==>9 A> AGQB>< ( ?5@5AGQB><) , 87<5@5=85< 25;8G8=; D8:A8@>20=85, 0=0;87 ?>;CG5==>9 8=D>@<0F88. >AB@>5=85 ?@>AB59H8E 2K@065=89 A ?><>ILN ;>38G5A:8E A2O7>: 8 A;>2 ( Ť 8ť ; Ť =5ť ; Ť 5A;8& B>& ť ; Ť 25@=>/ =525@=>, GB>& ť ; Ť :064K9ť ; Ť 2A5ť ; Ť =5:>B>@K5ť ) ; 8AB8==>ABL CB25@645=89. !>AB02;5=85 :>=5G=>9 ?>A;54>20B5;L=>AB8 ( F5?>G:8) ?@54<5B>2, G8A5;, 35><5B@8G5A:8E D83C@ 8 4@. ?> ?@028;C. !>AB02;5=85, 70?8AL 8 2K?>;=5=85 ?@>AB>3> 0;3>@8B<0, ?;0=0 ?>8A:0 8=D>@<0F88. 'B5=85 8 70?>;=5=85 B01;8FK. =B5@?@5B0F8O 40==KE B01;8FK. 'B5=85 AB>;1G0B>9 4803@0<<K. !>740=85 ?@>AB59H59 8=D>@<0F8>==>9 <>45;8 ( AE5<0, B01;8F0, F5?>G:0) . 5 . :@C60NI89 <8@ '5;>25: 8 ?@8@>40 @8@>40 MB> B>, GB> =0A >:@C605B, => =5 A>740=> G5;>25:><. @8@>4=K5 >1J5:BK 8 ?@54<5BK, A>740==K5 G5;>25:><. 56820O 8 6820O ?@8@>40. @87=0:8 ?@54<5B>2 ( F25B, D>@<0, A@02=8B5;L=K5 @07<5@K 8 4@. ) . 0A?>;>65=85 ?@54<5B>2 2 ?@>AB@0=AB25 ( ?@02>, ;52>, 25@E, =87 8 ?@. ) . @8<5@K O2;5=89 ?@8@>4K: A<5=0 2@5<Q= 3>40, A=53>?04, ;8AB>?04, ?5@5;QBK ?B8F, A<5=0 2@5<5=8 ACB>:, @0AA25B, 70:0B, 25B5@, 4>64L, 3@>70. 5I5AB2> B>, 87 G53> A>AB>OB 2A5 ?@8@>4=K5 >1J5:BK 8 ?@54<5BK. 07=>>1@0785 25I5AB2 2 >:@C60NI5< <8@5. @8<5@K 25I5AB2: A>;L, A0E0@, 2>40, ?@8@>4=K9 307. "2Q@4K5 B5;0, 684:>AB8, 307K. @>AB59H85 ?@0:B8G5A:85 @01>BK A 25I5AB20<8, 684:>ABO<8, 3070<8. 2Q74K 8 ?;0=5BK. !>;=F5 1;8609H0O : =0< 725740, 8AB>G=8: A25B0 8 B5?;0 4;O 2A53> 682>3> =0 5<;5. 5<;O ?;0=5B0, >1I55 ?@54AB02;5=85 > D>@<5 8 @07<5@0E 5<;8. ;>1CA :0: <>45;L 5<;8. 5>3@0D8G5A:0O :0@B0 8 ?;0=. 0B5@8:8 8 >:50=K, 8E =0720=8O, @0A?>;>65=85 =0 3;>1CA5 8 :0@B5. 06=59H85 ?@8@>4=K5 >1J5:BK A2>59 AB@0=K, @09>=0. @85=B8@>20=85 =0 <5AB=>AB8. ><?0A. !<5=0 4=O 8 =>G8 =0 5<;5. @0I5=85 5<;8 :0: ?@8G8=0 A<5=K 4=O 8 =>G8. @5<5=0 3>40, 8E >A>15==>AB8 ( =0 >A=>25 =01;N45=89) . 1@0I5=85 5<;8 2>:@C3 !>;=F0 :0: ?@8G8=0 A<5=K 2@5<Q= 3>40. !<5=0 2@5<Q= 3>40 2 @>4=>< :@05 =0 >A=>25 =01;N45=89. >3>40, 5Q A>AB02;ONI85 ( B5<?5@0BC@0 2>74CE0, >1;0G=>ABL, >A04:8, 25B5@) . 01;N45=85 70 ?>3>4>9 A2>53> :@0O. $>@<K 75<=>9 ?>25@E=>AB8: @02=8=K, 3>@K, E>;<K, >2@038 ( >1I55 ?@54AB02;5=85, CA;>2=>5 >1>7=0G5=85 @02=8= 8 3>@ =0 :0@B5) . A>15==>AB8 ?>25@E=>AB8 @>4=>3> :@0O ( :@0B:0O E0@0:B5@8AB8:0 =0 >A=>25 =01;N45=89) . >4>Q<K, 8E @07=>>1@0785 ( >:50=, <>@5, @5:0, >75@>, ?@C4, 1>;>B>) ; 8A?>;L7>20=85 G5;>25:><. >4>Q<K @>4=>3> :@0O ( =0720=8O, :@0B:0O E0@0:B5@8AB8:0 =0 >A=>25 =01;N45=89) . >74CE A<5AL 307>2. !2>9AB20 2>74CE0. =0G5=85 2>74CE0 4;O @0AB5=89, 682>B=KE, G5;>25:0. E@0=0, 15@56=>5 8A?>;L7>20=85 2>74CE0. >40. !2>9AB20 2>4K. !>AB>O=8O 2>4K, 5Q @0A?@>AB@0=5=85 2 ?@8@>45, 7=0G5=85 4;O 682KE >@30=87<>2 8 E>7O9AB25==>9 687=8 G5;>25:0. @C3>2>@>B 2>4K 2 ?@8@>45. E@0=0, 15@56=>5 8A?>;L7>20=85 2>4K. >;57=K5 8A:>?05<K5, 8E 7=0G5=85 2 E>7O9AB25 G5;>25:0, 15@56=>5 >B=>H5=85 ;N459 : ?>;57=K< 8A:>?05<K<. >;57=K5 8A:>?05<K5 @>4=>3> :@0O ( 2 3 ?@8<5@0) . >G20, 5Q A>AB02, 7=0G5=85 4;O 682>9 ?@8@>4K 8 4;O E>7O9AB25==>9 687=8 G5;>25:0. E@0=0, 15@56=>5 8A?>;L7>20=85 ?>G2. 0AB5=8O, 8E @07=>>1@0785. '0AB8 @0AB5=8O ( :>@5=L, AB515;L, ;8AB, F25B>:, ?;>4, A5<O) . #A;>28O, =5>1E>48<K5 4;O 687=8 @0AB5=8O ( A25B, B5?;>, 2>74CE, 2>40) . 01;N45=85 @>AB0 @0AB5=89, D8:A0F8O 87<5=5=89. 5@52LO, :CAB0@=8:8, B@02K. 8:>@0ABCI85, :C;LBC@=K5 8 :><=0B=K5 @0AB5=8O. >;L @0AB5=89 2 ?@8@>45 8 687=8 ;N459, 15@56=>5 >B=>H5=85 G5;>25:0 : 48:>@0ABCI8< @0AB5=8O<, CE>4 70 :><=0B=K<8 8 :C;LBC@=K<8 @0AB5=8O<. 0AB5=8O @>4=>3> :@0O, =0720=8O 8 :@0B:0O E0@0:B5@8AB8:0 =0 >A=>25 =01;N45=89. @81K: AJ54>1=K5 8 O4>28BK5. @028;0 A1>@0 3@81>2. 82>B=K5, 8E @07=>>1@0785. #A;>28O, =5>1E>48<K5 4;O 687=8 682>B=KE ( 2>74CE, 2>40, B5?;>, ?8I0) . 0A5:><K5, @K1K, 75<=>2>4=K5, ?@5A<K:0NI85AO, ?B8FK, 725@8, 8E >B;8G8O. A>15==>AB8 ?8B0=8O @07=KE 682>B=KE. 07<=>65=85 682>B=KE. 8:85 8 4><0H=85 682>B=K5. >;L 682>B=KE 2 ?@8@>45 8 687=8 ;N459. E@0=0 8 15@56=>5 >B=>H5=85 G5;>25:0 : 48:8< 682>B=K<, CE>4 70 4><0H=8<8 682>B=K<8. 82>B=K5 @>4=>3> :@0O, 8E =0720=8O, :@0B:0O E0@0:B5@8AB8:0 =0 >A=>25 =01;N45=89. 5A, ;C3, 2>4>Q< 548=AB2> 682>9 8 =5682>9 ?@8@>4K ( A>;=5G=K9 A25B, 2>74CE, 2>40, ?>G20, @0AB5=8O, 682>B=K5) . @C3>2>@>B 25I5AB2. 708<>A2O78 2 ?@8@>4=>< A>>1I5AB25: @0AB5=8O ?8I0 8 C:@KB85 4;O 682>B=KE; 682>B=K5 @0A?@>AB@0=8B5;8 ?;>4>2 8 A5<O= @0AB5=89. ;8O=85 G5;>25:0 =0 ?@8@>4=K5 A>>1I5AB20. @8@>4=K5 A>>1I5AB20 @>4=>3> :@0O ( 2 3 ?@8<5@0 =0 >A=>25 =01;N45=89) . @8@>4=K5 7>=K >AA88: >1I55 ?@54AB02;5=85, >A=>2=K5 ?@8@>4=K5 7>=K ( :;8<0B, @0AB8B5;L=K9 8 682>B=K9 <8@, >A>15==>AB8 B@C40 8 1KB0 ;N459, 2;8O=85 G5;>25:0 =0 ?@8@>4C 87CG05<KE 7>=, >E@0=0 ?@8@>4K) . '5;>25: G0ABL ?@8@>4K. 028A8<>ABL 687=8 G5;>25:0 >B ?@8@>4K. -B8G5A:>5 8 MAB5B8G5A:>5 7=0G5=85 ?@8@>4K 2 687=8 G5;>25:0. A2>5=85 G5;>25:>< 70:>=>2 687=8 ?@8@>4K ?>A@54AB2>< ?@0:B8G5A:>9 45OB5;L=>AB8. 0@>4=K9 :0;5=40@L ( ?@8<5BK, ?>3>2>@:8, ?>A;>28FK) , >?@545;ONI89 A57>==K9 B@C4 ;N459. >;>68B5;L=>5 8 >B@8F0B5;L=>5 2;8O=85 45OB5;L=>AB8 G5;>25:0 =0 ?@8@>4C ( 2 B>< G8A;5 =0 ?@8<5@5 >:@C60NI59 <5AB=>AB8) . @028;0 ?>2545=8O 2 ?@8@>45. E@0=0 ?@8@>4=KE 1>30BAB2: 2>4K, 2>74CE0, ?>;57=KE 8A:>?05<KE, @0AB8B5;L=>3> 8 682>B=>3> <8@0. 0?>254=8:8, =0F8>=0;L=K5 ?0@:8, 8E @>;L 2 >E@0=5 ?@8@>4K. @0A=0O :=830 >AA88, 5Q 7=0G5=85, >B45;L=K5 ?@54AB028B5;8 @0AB5=89 8 682>B=KE @0A=>9 :=838. >A8;L=>5 CG0AB85 2 >E@0=5 ?@8@>4K. 8G=0O >B25BAB25==>ABL :064>3> G5;>25:0 70 A>E@0==>ABL ?@8@>4K. '5;>25:. 515=>:, 27@>A;K9, ?>68;>9 G5;>25:. C6G8=K 8 65=I8=K, <0;LG8:8 8 452>G:8. 1I55 ?@54AB02;5=85 > AB@>5=88 B5;0 G5;>25:0. !8AB5<K >@30=>2 ( >?>@=>- 42830B5;L=0O, ?8I520@8B5;L=0O, 4KE0B5;L=0O, :@>25=>A=0O, =5@2=0O, >@30=K GC2AB2) , 8E @>;L 2 687=545OB5;L=>AB8 >@30=87<0. 8385=0: CE>4 70 :>659, =>3BO<8, 2>;>A0<8, 7C10<8. 4>@>2K9 >1@07 687=8, A>1;N45=85 @568<0, ?@>D8;0:B8:0 =0@CH5=89 45OB5;L=>AB8 >@30=>2 GC2AB2, >?>@=>- 42830B5;L=>9, ?8I520@8B5;L=>9, 4KE0B5;L=>9, =5@2=>9 A8AB5<. 7<5@5=85 B5<?5@0BC@K B5;0 G5;>25:0, G0AB>BK ?C;LA0. >=8<0=85 A>AB>O=8O A2>53> 74>@>2LO, ;8G=0O >B25BAB25==>ABL :064>3> G5;>25:0 70 A>AB>O=85 A2>53> 74>@>2LO 8 74>@>2LO >:@C60NI8E 53> ;N459. =8<0=85, C2068B5;L=>5 >B=>H5=85 : ;N4O< A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO, 701>B0 > =8E. '5;>25: 8 >1I5AB2> 1I5AB2> - A>2>:C?=>ABL ;N459, :>B>@K5 >1J548=5=K >1I59 :C;LBC@>9 8 A2O70=K 4@C3 A 4@C3>< A>2<5AB=>9 45OB5;L=>ABLN 2> 8<O >1I59 F5;8. CE>2=>- =@02AB25==K5 8 :C;LBC@=K5 F5==>AB8 @>AA89A:>3> >1I5AB20, >B@065==K5 2 3>AC40@AB25==KE ?@074=8:0E 8 =0@>4=KE B@048F8OE @538>=0. '5;>25: G;5= >1I5AB20, A>740B5;L 8 =>A8B5;L :C;LBC@K. >3>=0F8>=0;L=>ABL >A>15==>ABL =0H59 AB@0=K. 1I55 ?@54AB02;5=85 > 2:;045 @07=KE =0@>4>2 2 <=>3>=0F8>=0;L=CN :C;LBC@C =0H59 AB@0=K. &5==>ABL :064>3> =0@>40 4;O =53> A0<>3> 8 4;O 2A59 AB@0=K. 708<>>B=>H5=8O G5;>25:0 A 4@C38<8 ;N4L<8. C;LBC@0 >1I5=8O. #2065=85 : GC6><C <=5=8N. !5<LO A0<>5 1;87:>5 >:@C65=85 G5;>25:0. !5<59=K5 B@048F88. 708<>>B=>H5=8O 2 A5<L5 8 2708<>?><>IL G;5=>2 A5<L8. :070=85 ?>A8;L=>9 ?><>I8 27@>A;K<. 01>B0 > 45BOE, ?@5AB0@5;KE, 1>;L=KE 4>;3 :064>3> G5;>25:0. >4>A;>2=0O. !2>8 D0<8;8O, 8<O, >BG5AB2>, 2>7@0AB. <5=0 8 D0<8;88 G;5=>2 A5<L8. =0:>2K5 40BK 8 A>1KB8O 2 8AB>@88 A5<L8, CG0AB85 A5<L8 2 A>1KB8OE AB@0=K 8 @538>=0 ( AB@>9:0E, 5;8:>9 >B5G5AB25==>9 2>9=5, 2 @01>B5 2 BK;C 8 ?@. ) A5<59=K5 ?@074=8:8, B@048F88. 5=L 0B5@8. 5=L ;N128, A5<L8 8 25@=>AB8. ;04H89 H:>;L=8:. @028;0 ?>2545=8O 2 H:>;5, =0 C@>:5. 1@0I5=85 : CG8B5;N. ;0AA=K9, H:>;L=K9 :>;;5:B82, A>2<5AB=0O CGQ10, 83@K, >B4KE. (:>;L=K5 ?@074=8:8 8 B>@65AB25==K5 40BK. 5=L CG8B5;O. !>AB02;5=85 @568<0 4=O H:>;L=8:0. @C7LO, 2708<>>B=>H5=8O <564C =8<8; F5==>ABL 4@C61K, A>3;0A8O, 2708<=>9 ?><>I8. @028;0 2708<>>B=>H5=89 A> 27@>A;K<8, A25@AB=8:0<8. @028;0 2708<>459AB28O A> 7=0:><K<8 8 =57=0:><K<8 27@>A;K<8 8 A25@AB=8:0<8. C;LBC@0 ?>2545=8O 2 H:>;5 8 4@C38E >1I5AB25==KE <5AB0E. =0G5=85 B@C40 2 687=8 G5;>25:0 8 >1I5AB20. "@C4>;N185 :0: >1I5AB25==> 7=0G8<0O F5==>ABL 2 :C;LBC@5 =0@>4>2 >AA88 8 <8@0. @>D5AA88 ;N459. 8G=0O >B25BAB25==>ABL G5;>25:0 70 @57C;LB0BK A2>53> B@C40 8 ?@>D5AA8>=0;L=>5 <0AB5@AB2>. 1I5AB25==K9 B@0=A?>@B. "@0=A?>@B 3>@>40 8;8 A5;0. 075<=K9, 2>74CH=K9 8 2>4=K9 B@0=A?>@B. @028;0 ?>;L7>20=8O B@0=A?>@B><. !@54AB20 <0AA>2>9 8=D>@<0F88: @048>, B5;52845=85, ?@5AA0, =B5@=5B. 0H0 >48=0 >AA8O, >AA89A:0O $545@0F8O. &5==>AB=>- A<KA;>2>5 A>45@60=85 ?>=OB89 Ť >48=0ť , Ť B5G5AB2>ť , Ť BG87=0ť . >AC40@AB25==0O A8<2>;8:0 >AA88: >AC40@AB25==K9 35@1 >AA88, >AC40@AB25==K9 D;03 >AA88, >AC40@AB25==K9 38<= >AA88; ?@028;0 ?>2545=8O ?@8 ?@>A;CH820=88 38<=0. >=AB8BCF8O A=>2=>9 70:>= >AA89A:>9 $545@0F88. @020 @51Q=:0. @57845=B >AA89A:>9 $545@0F88 3;020 3>AC40@AB20. B25BAB25==>ABL 3;02K 3>AC40@AB20 70 A>F80;L=>5 8 4CE>2=>- =@02AB25==>5 1;03>?>;CG85 3@0640=. @074=8: 2 687=8 >1I5AB20 :0: A@54AB2> C:@5?;5=8O >1I5AB25==>9 A>;840@=>AB8 8 C?@>G5=8O 4CE>2=>- =@02AB25==KE A2O759 <564C A>>B5G5AB25==8:0<8. >2K9 3>4, >645AB2>, 5=L 70I8B=8:0 B5G5AB20, 8 0@B0, 5=L 25A=K 8 B@C40, 5=L >154K, 5=L >AA88, 5=L 70I8BK 45B59, 5=L =0@>4=>3> 548=AB20, 5=L >=AB8BCF88. @074=8:8 8 ?0<OB=K5 40BK A2>53> @538>=0. D>@<;5=85 ?;0:0B0 8;8 AB5==>9 3075BK : 3>AC40@AB25==><C ?@074=8:C. >AA8O =0 :0@B5, 3>AC40@AB25==0O 3@0=8F0 >AA88. >A:20 AB>;8F0 >AA88. >AB>?@8<5G0B5;L=>AB8 >A:2K: @5<;L, @0A=0O ?;>I04L, >;LH>9 B50B@ 8 4@. 0A?>;>65=85 >A:2K =0 :0@B5. >@>40 >AA88. !0=:B- 5B5@1C@3: 4>AB>?@8<5G0B5;L=>AB8 ( 8<=89 42>@5F, ?0<OB=8: 5B@C I 54=K9 2A04=8:, @072>4=K5 <>ABK G5@57 52C 8 4@. ) , 3>@>40 >;>B>3> :>;LF0 >AA88 ( ?> 2K1>@C) . ;02=K9 3>@>4 @>4=>3> :@0O: 4>AB>?@8<5G0B5;L=>AB8, 8AB>@8O 8 E0@0:B5@8AB8:0 >B45;L=KE 8AB>@8G5A:8E A>1KB89, A2O70==KE A =8<. >AA8O <=>3>=0F8>=0;L=0O AB@0=0. 0@>4K, =0A5;ONI85 >AA8N, 8E >1KG08, E0@0:B5@=K5 >A>15==>AB8 1KB0 ( ?> 2K1>@C) . >4=>9 :@09 G0AB8F0 >AA88. >4=>9 3>@>4 ( =0A5;Q==K9 ?C=:B) , @538>= ( >1;0ABL, :@09, @5A?C1;8:0) : =0720=85, >A=>2=K5 4>AB>?@8<5G0B5;L=>AB8; <C758, B50B@K, A?>@B82=K5 :><?;5:AK 8 ?@. A>15==>AB8 B@C40 ;N459 @>4=>3> :@0O, 8E ?@>D5AA88. 0720=8O @07=KE =0@>4>2, ?@>6820NI8E 2 40==>9 <5AB=>AB8, 8E >1KG08, E0@0:B5@=K5 >A>15==>AB8 1KB0. 06=K5 A2545=8O 87 8AB>@88 @>4=>3> :@0O. !2OBK=8 @>4=>3> :@0O. @>2545=85 4=O ?0<OB8 2K40NI53>AO 75<;O:0. AB>@8O B5G5AB20. !G5B ;5B 2 8AB>@88. 081>;55 206=K5 8 O@:85 A>1KB8O >1I5AB25==>9 8 :C;LBC@=>9 687=8 AB@0=K 2 @07=K5 8AB>@8G5A:85 ?5@8>4K: @52=OO CAL, >A:>2A:>5 3>AC40@AB2>, >AA89A:0O 8<?5@8O, !!! , >AA89A:0O $545@0F8O. 0@B8=K 1KB0, B@C40, B@048F89 ;N459 2 @07=K5 8AB>@8G5A:85 2@5<5=0. K40NI85AO ;N48 @07=KE M?>E. E@0=0 ?0<OB=8:>2 8AB>@88 8 :C;LBC@K. !B@0=K 8 =0@>4K <8@0. 1I55 ?@54AB02;5=85 > <=>3>>1@0788 AB@0=, =0@>4>2 =0 5<;5. =0:><AB2> A 3 4 ( =5A:>;L:8<8) AB@0=0<8 ( ?> 2K1>@C) : =0720=85, @0A?>;>65=85 =0 ?>;8B8G5A:>9 :0@B5, AB>;8F0, 3;02=K5 4>AB>?@8<5G0B5;L=>AB8. @028;0 157>?0A=>9 687=8 &5==>ABL 74>@>2LO 8 74>@>2>3> >1@070 687=8. 568< 4=O H:>;L=8:0, G5@54>20=85 B@C40 8 >B4KE0 2 @568<5 4=O; ;8G=0O 38385=0. $878G5A:0O :C;LBC@0, 70:0;820=85, 83@K =0 2>74CE5 :0: CA;>285 A>E@0=5=8O 8 C:@5?;5=8O 74>@>2LO. 8G=0O >B25BAB25==>ABL :064>3> G5;>25:0 70 A>E@0=5=85 8 C:@5?;5=85 A2>53> D878G5A:>3> 8 =@02AB25==>3> 74>@>2LO. ><5@0 B5;5D>=>2 M:AB@5==>9 ?><>I8. 5@20O ?><>IL ?@8 ;Q3:8E B@02<0E ( CH81, ?>@57, >6>3) , >1<>@06820=88, ?5@53@525. >@>30 >B 4><0 4> H:>;K, ?@028;0 157>?0A=>3> ?>2545=8O =0 4>@>30E, 2 ;5AC, =0 2>4>Q<5 2 @07=>5 2@5<O 3>40. @028;0 ?>60@=>9 157>?0A=>AB8, >A=>2=K5 ?@028;0 >1@0I5=8O A 307><, M;5:B@8G5AB2><, 2>4>9. @028;0 157>?0A=>3> ?>2545=8O 2 ?@8@>45. @028;> 157>?0A=>3> ?>2545=8O 2 >1I5AB25==KE <5AB0E. @028;0 2708<>459AB28O A =57=0:><K<8 ;N4L<8. 01>B0 > 74>@>2L5 8 157>?0A=>AB8 >:@C60NI8E ;N459 =@02AB25==K9 4>;3 :064>3> G5;>25:0. 6 . 7>1@078B5;L=>5 8A:CAAB2> 84K EC4>65AB25==>9 45OB5;L=>AB8 >A?@8OB85 ?@>872545=89 8A:CAAB20. A>15==>AB8 EC4>65AB25==>3> B2>@G5AB20: EC4>6=8: 8 7@8B5;L. 1@07=0O ACI=>ABL 8A:CAAB20: EC4>65AB25==K9 >1@07, 53> CA;>2=>ABL, ?5@540G0 >1I53> G5@57 548=8G=>5. B@065=85 2 ?@>872545=8OE ?;0AB8G5A:8E 8A:CAAB2 >1I5G5;>25G5A:8E 8459 > =@02AB25==>AB8 8 MAB5B8:5: >B=>H5=85 : ?@8@>45, G5;>25:C 8 >1I5AB2C. $>B>3@0D8O 8 ?@>872545=85 87>1@078B5;L=>3> 8A:CAAB20: AE>4AB2> 8 @07;8G8O. '5;>25:, <8@ ?@8@>4K 2 @50;L=>9 687=8: >1@07 G5;>25:0, ?@8@>4K 2 8A:CAAB25. @54AB02;5=8O > 1>30BAB25 8 @07=>>1@0788 EC4>65AB25==>9 :C;LBC@K ( =0 ?@8<5@5 :C;LBC@K =0@>4>2 >AA88) . K40NI85AO ?@54AB028B5;8 87>1@078B5;L=>3> 8A:CAAB20 =0@>4>2 >AA88 ( ?> 2K1>@C) . 54CI85 EC4>65AB25==K5 <C758 >AA88 ( ", CAA:89 <C759, -@<8B06) 8 @538>=0;L=K5 <C758. >A?@8OB85 8 M<>F8>=0;L=0O >F5=:0 H5452@>2 =0F8>=0;L=>3>, @>AA89A:>3> 8 <8@>2>3> 8A:CAAB20. 8AC=>:. 0B5@80;K 4;O @8AC=:0: :0@0=40H, @CG:0, D;><0AB5@, C3>;L, ?0AB5;L, <5;:8 8 B. 4. @8Q<K @01>BK A @07;8G=K<8 3@0D8G5A:8<8 <0B5@80;0<8. >;L @8AC=:0 2 8A:CAAB25: >A=>2=0O 8 2A?><>30B5;L=0O. @0A>B0 8 @07=>>1@0785 ?@8@>4K, G5;>25:0, 740=89, ?@54<5B>2, 2K@065==K5 A@54AB20<8 @8AC=:0. 7>1@065=85 45@52L52, ?B8F, 682>B=KE: >1I85 8 E0@0:B5@=K5 G5@BK. 82>?8AL. 82>?8A=K5 <0B5@80;K. @0A>B0 8 @07=>>1@0785 ?@8@>4K, G5;>25:0, 740=89, ?@54<5B>2, 2K@065==K5 A@54AB20<8 682>?8A8. &25B >A=>20 O7K:0 682>?8A8. K1>@ A@54AB2 EC4>65AB25==>9 2K@078B5;L=>AB8 4;O A>740=8O 682>?8A=>3> >1@070 2 A>>B25BAB288 A ?>AB02;5==K<8 7040G0<8. 1@07K ?@8@>4K 8 G5;>25:0 2 682>?8A8. !:C;L?BC@0. 0B5@80;K A:C;L?BC@K 8 8E @>;L 2 A>740=88 2K@078B5;L=>3> >1@070. -;5<5=B0@=K5 ?@8Q<K @01>BK A ?;0AB8G5A:8<8 A:C;L?BC@=K<8 <0B5@80;0<8 4;O A>740=8O 2K@078B5;L=>3> >1@070 ( ?;0AB8;8=, 3;8=0 @0A:0BK20=85, =01>@ >1JQ<0, 2KBO3820=85 D>@<K) . 1JQ< >A=>20 O7K:0 A:C;L?BC@K. A=>2=K5 B5<K A:C;L?BC@K. @0A>B0 G5;>25:0 8 682>B=KE, 2K@065==0O A@54AB20<8 A:C;L?BC@K. %C4>65AB25==>5 :>=AB@C8@>20=85 8 48709=. 07=>>1@0785 <0B5@80;>2 4;O EC4>65AB25==>3> :>=AB@C8@>20=8O 8 <>45;8@>20=8O ( ?;0AB8;8=, 1C<030, :0@B>= 8 4@. ) . -;5<5=B0@=K5 ?@8Q<K @01>BK A @07;8G=K<8 <0B5@80;0<8 4;O A>740=8O 2K@078B5;L=>3> >1@070 ( ?;0AB8;8= @0A:0BK20=85, =01>@ >1JQ<0, 2KBO3820=85 D>@<K; 1C<030 8 :0@B>= A3810=85, 2K@570=85) . @54AB02;5=85 > 2>7<>6=>ABOE 8A?>;L7>20=8O =02K:>2 EC4>65AB25==>3> :>=AB@C8@>20=8O 8 <>45;8@>20=8O 2 687=8 G5;>25:0. 5:>@0B82=>?@8:;04=>5 8A:CAAB2>. AB>:8 45:>@0B82=>?@8:;04=>3> 8A:CAAB20 8 53> @>;L 2 687=8 G5;>25:0. >=OB85 > A8=B5B8G=>< E0@0:B5@5 =0@>4=>9 :C;LBC@K ( C:@0H5=85 68;8I0, ?@54<5B>2 1KB0, >@C489 B@C40, :>ABN<0; <C7K:0, ?5A=8, E>@>2>4K; 1K;8=K, A:070=8O, A:07:8) . 1@07 G5;>25:0 2 B@048F8>==>9 :C;LBC@5. @54AB02;5=8O =0@>40 > <C6A:>9 8 65=A:>9 :@0A>B5, >B@06Q==K5 2 87>1@078B5;L=>< 8A:CAAB25, A:07:0E, ?5A=OE. !:07>G=K5 >1@07K 2 =0@>4=>9 :C;LBC@5 8 45:>@0B82=>?@8:;04=>< 8A:CAAB25. 07=>>1@0785 D>@< 2 ?@8@>45 :0: >A=>20 45:>@0B82=KE D>@< 2 ?@8:;04=>< 8A:CAAB25 ( F25BK, @0A:@0A:0 101>G5:, ?5@5?;5B5=85 25B259 45@52L52, <>@>7=K5 C7>@K =0 AB5:;5 8 B. 4. ) . 7=0:><;5=85 A ?@>872545=8O<8 =0@>4=KE EC4>65AB25==KE ?@><KA;>2 2 >AA88 ( A CGQB>< <5AB=KE CA;>289) . 71C:0 8A:CAAB20. 0: 3>2>@8B 8A:CAAB2>? ><?>78F8O. -;5<5=B0@=K5 ?@8Q<K :><?>78F88 =0 ?;>A:>AB8 8 2 ?@>AB@0=AB25. >=OB8O: 3>@87>=B0;L, 25@B8:0;L 8 4803>=0;L 2 ?>AB@>5=88 :><?>78F88. @>?>@F88 8 ?5@A?5:B820. >=OB8O: ;8=8O 3>@87>=B0, 1;865 1>;LH5, 40;LH5 <5=LH5, 703>@06820=8O. >;L :>=B@0AB0 2 :><?>78F88: =87:>5 8 2KA>:>5, 1>;LH>5 8 <0;5=L:>5, B>=:>5 8 B>;AB>5, BQ<=>5 8 A25B;>5, B. 4. ;02=>5 8 2B>@>AB5?5==>5 2 :><?>78F88. !8<<5B@8O 8 0A8<<5B@8O. &25B. A=>2=K5 8 A>AB02=K5 F25B0. "Q?;K5 8 E>;>4=K5 F25B0. !<5H5=85 F25B>2. >;L 15;>9 8 GQ@=>9 :@0A>: 2 M<>F8>=0;L=>< 72CG0=88 8 2K@078B5;L=>AB8 >1@070. -<>F8>=0;L=K5 2>7<>6=>AB8 F25B0. @0:B8G5A:>5 >2;045=85 >A=>20<8 F25B>2545=8O. 5@540G0 A ?><>ILN F25B0 E0@0:B5@0 ?5@A>=060, 53> M<>F8>=0;L=>3> A>AB>O=8O. 8=8O. =>3>>1@0785 ;8=89 ( B>=:85, B>;ABK5, ?@O<K5, 2>;=8ABK5, ?;02=K5, >AB@K5, 70:@C3;Q==K5 A?8@0;LN, ;5BOI85) 8 8E 7=0:>2K9 E0@0:B5@. 8=8O, HB@8E, ?OB=> 8 EC4>65AB25==K9 >1@07. 5@540G0 A ?><>ILN ;8=88 M<>F8>=0;L=>3> A>AB>O=8O ?@8@>4K, G5;>25:0, 682>B=>3>. $>@<0. 07=>>1@0785 D>@< ?@54<5B=>3> <8@0 8 ?5@540G0 8E =0 ?;>A:>AB8 8 2 ?@>AB@0=AB25. !E>4AB2> 8 :>=B@0AB D>@<. @>ABK5 35><5B@8G5A:85 D>@<K. @8@>4=K5 D>@<K. "@0=AD>@<0F8O D>@<. ;8O=85 D>@<K ?@54<5B0 =0 ?@54AB02;5=85 > 53> E0@0:B5@5. !8;CMB. 1JQ<. 1JQ< 2 ?@>AB@0=AB25 8 >1JQ< =0 ?;>A:>AB8. !?>A>1K ?5@540G8 >1JQ<0. K@078B5;L=>ABL >1JQ<=KE :><?>78F89. 8B<. 84K @8B<0 ( A?>:>9=K9, 70<54;5==K9, ?>@K28ABK9, 15A?>:>9=K9 8 B. 4. ) . 8B< ;8=89, ?OB5=, F25B0. >;L @8B<0 2 M<>F8>=0;L=>< 72CG0=88 :><?>78F88 2 682>?8A8 8 @8AC=:5. 5@540G0 42865=8O 2 :><?>78F88 A ?><>ILN @8B<0 M;5<5=B>2. A>10O @>;L @8B<0 2 45:>@0B82=>?@8:;04=>< 8A:CAAB25. =0G8<K5 B5<K 8A:CAAB20. GQ< 3>2>@8B 8A:CAAB2>? 5<;O =0H >1I89 4><. 01;N45=85 ?@8@>4K 8 ?@8@>4=KE O2;5=89, @07;8G5=85 8E E0@0:B5@0 8 M<>F8>=0;L=KE A>AB>O=89. 07=8F0 2 87>1@065=88 ?@8@>4K 2 @07=>5 2@5<O 3>40, ACB>:, 2 @07;8G=CN ?>3>4C. 0=@ ?597060. A?>;L7>20=85 @07;8G=KE EC4>65AB25==KE <0B5@80;>2 8 A@54AB2 4;O A>740=8O 2K@078B5;L=KE >1@07>2 ?@8@>4K. >AB@>9:8 2 ?@8@>45: ?B8GL8 3=Q740, =>@K, C;L8, ?0=F8@L G5@5?0E8, 4><8: C;8B:8 8 B. 4. >A?@8OB85 8 M<>F8>=0;L=0O >F5=:0 H5452@>2 @CAA:>3> 8 70@C156=>3> 8A:CAAB20, 87>1@060NI8E ?@8@>4C. >48=0 <>O >AA8O. >;L ?@8@>4=KE CA;>289 2 E0@0:B5@5 B@048F8>==>9 :C;LBC@K =0@>4>2 >AA88. 597068 @>4=>9 ?@8@>4K. 48=AB2> 45:>@0B82=>3> AB@>O 2 C:@0H5=88 68;8I0, ?@54<5B>2 1KB0, >@C489 B@C40, :>ABN<0. !2O7L 87>1@078B5;L=>3> 8A:CAAB20 A <C7K:>9, ?5A=59, B0=F0<8, 1K;8=0<8, A:070=8O<8, A:07:0<8. 1@07 G5;>25:0 2 B@048F8>==>9 :C;LBC@5. @54AB02;5=8O =0@>40 > :@0A>B5 G5;>25:0 ( 2=5H=59 8 4CE>2=>9) , >B@06Q==K5 2 8A:CAAB25. 1@07 70I8B=8:0 B5G5AB20. '5;>25: 8 G5;>25G5A:85 2708<>>B=>H5=8O. 1@07 G5;>25:0 2 @07=KE :C;LBC@0E <8@0. 1@07 A>2@5<5==8:0. 0=@ ?>@B@5B0. "5<K ;N128, 4@C61K, A5<L8 2 8A:CAAB25. -<>F8>=0;L=0O 8 EC4>65AB25==0O 2K@078B5;L=>ABL >1@07>2 ?5@A>=0659, ?@>1C640NI8E ;CGH85 G5;>25G5A:85 GC2AB20 8 :0G5AB20: 4>1@>BC, A>AB@040=85, ?>445@6:C, 701>BC, 35@>87<, 15A:>@KAB85 8 B. 4. 1@07K ?5@A>=0659, 2K7K20NI85 3=52, @074@065=85, ?@57@5=85. A:CAAB2> 40@8B ;N4O< :@0A>BC. A:CAAB2> 2>:@C3 =0A A53>4=O. A?>;L7>20=85 @07;8G=KE EC4>65AB25==KE <0B5@80;>2 8 A@54AB2 4;O A>740=8O ?@>5:B>2 :@0A82KE, C4>1=KE 8 2K@078B5;L=KE ?@54<5B>2 1KB0, 284>2 B@0=A?>@B0. @54AB02;5=85 > @>;8 87>1@078B5;L=KE ( ?;0AB8G5A:8E) 8A:CAAB2 2 ?>2A54=52=>9 687=8 G5;>25:0, 2 >@30=870F88 53> <0B5@80;L=>3> >:@C65=8O. 0=@ =0BN@<>@B0. %C4>65AB25==>5 :>=AB@C8@>20=85 8 >D>@<;5=85 ?><5I5=89 8 ?0@:>2, B@0=A?>@B0 8 ?>AC4K, <515;8 8 >4564K, :=83 8 83@CH5:. ?KB EC4>65AB25==>- B2>@G5A:>9 45OB5;L=>AB8 #G0AB85 2 @07;8G=KE 2840E 87>1@078B5;L=>9, 45:>@0B82=>- ?@8:;04=>9 8 EC4>65AB25==>- :>=AB@C:B>@A:>9 45OB5;L=>AB8. A2>5=85 >A=>2 @8AC=:0, 682>?8A8, A:C;L?BC@K, 45:>@0B82=>- ?@8:;04=>3> 8A:CAAB20. 2;045=85 >A=>20<8 EC4>65AB25==>9 3@0<>BK: :><?>78F859, D>@<>9, @8B<><, ;8=859, F25B><, >1JQ<><, D0:BC@>9. !>740=85 <>45;59 ?@54<5B>2 1KB>2>3> >:@C65=8O G5;>25:0. 2;045=85 M;5<5=B0@=K<8 =02K:0<8 ;5?:8 8 1C<03>?;0AB8:8. K1>@ 8 ?@8<5=5=85 2K@078B5;L=KE A@54AB2 4;O @50;870F88 A>1AB25==>3> 70<KA;0 2 @8AC=:5, 682>?8A8, 0??;8:0F88, EC4>65AB25==>< :>=AB@C8@>20=88. K1>@ 8 ?@8<5=5=85 2K@078B5;L=KE A@54AB2 4;O @50;870F88 A>1AB25==>3> 70<KA;0 2 @8AC=:5, 682>?8A8, 0??;8:0F88, EC4>65AB25==>< :>=AB@C8@>20=88. 5@540G0 =0AB@>5=8O 2 B2>@G5A:>9 @01>B5 A ?><>ILN F25B0, B>=0, :><?>78F88, ?@>AB@0=AB20, ;8=88, HB@8E0, ?OB=0, >1JQ<0, D0:BC@K <0B5@80;0. A?>;L7>20=85 2 8=48284C0;L=>9 8 :>;;5:B82=>9 45OB5;L=>AB8 @07;8G=KE EC4>65AB25==KE B5E=8: 8 <0B5@80;>2: :>;;060, 3@0BB060, 0??;8:0F88, :><?LNB5@=>9 0=8<0F88, =0BC@=>9 <C;LB8?;8:0F88, 1C<06=>9 ?;0AB8:8, 3C0H8, 0:20@5;8, ?0AB5;8, 2>A:>2KE <5;:>2, BCH8, :0@0=40H0, D;><0AB5@>2, ?;0AB8;8=0, 3;8=K, ?>4@CG=KE 8 ?@8@>4=KE <0B5@80;>2. #G0AB85 2 >1AC645=88 A>45@60=8O 8 2K@078B5;L=KE A@54AB2 ?@>872545=89 87>1@078B5;L=>3> 8A:CAAB20, 2K@065=85 A2>53> >B=>H5=8O : ?@>872545=8N. 8 . C7K:0 C7K:0 2 687=8 G5;>25:0. AB>:8 2>7=8:=>25=8O <C7K:8. >645=85 <C7K:8 :0: 5AB5AB25==>5 ?@>O2;5=85 G5;>25G5A:>3> A>AB>O=8O. 2CG0=85 >:@C60NI59 687=8, ?@8@>4K, =0AB@>5=89, GC2AB2 8 E0@0:B5@0 G5;>25:0. 1>1IQ==>5 ?@54AB02;5=85 >1 >A=>2=KE >1@07=>- M<>F8>=0;L=KE AD5@0E <C7K:8 8 > <=>3>>1@0788 <C7K:0;L=KE 60=@>2 8 AB8;59. 5A=O, B0=5F, <0@H 8 8E @07=>284=>AB8. 5A5==>ABL, B0=F520;L=>ABL, <0@H52>ABL. ?5@0, 10;5B, A8<D>=8O, :>=F5@B, AN8B0, :0=B0B0, <N78:;. B5G5AB25==K5 =0@>4=K5 <C7K:0;L=K5 B@048F88. "2>@G5AB2> =0@>4>2 >AA88. C7K:0;L=K9 8 ?>MB8G5A:89 D>;L:;>@: ?5A=8, B0=FK, 459AB20, >1@O4K, A:>@>3>2>@:8, 70304:8, 83@K- 4@0<0B870F88. AB>@8G5A:>5 ?@>H;>5 2 <C7K:0;L=KE >1@070E. 0@>4=0O 8 ?@>D5AA8>=0;L=0O <C7K:0. !>G8=5=8O >B5G5AB25==KE :><?>78B>@>2 > >48=5. CE>2=0O <C7K:0 2 B2>@G5AB25 :><?>78B>@>2. A=>2=K5 70:>=><5@=>AB8 <C7K:0;L=>3> 8A:CAAB20. =B>=0F8>==>- >1@07=0O ?@8@>40 <C7K:0;L=>3> 8A:CAAB20. K@078B5;L=>ABL 8 87>1@078B5;L=>ABL 2 <C7K:5. =B>=0F8O :0: >72CG5==>5 A>AB>O=85, 2K@065=85 M<>F89 8 <KA;59 G5;>25:0. =B>=0F88 <C7K:0;L=K5 8 @5G52K5. !E>4AB2> 8 @07;8G8O. =B>=0F8O 8AB>G=8: <C7K:0;L=>9 @5G8. A=>2=K5 A@54AB20 <C7K:0;L=>9 2K@078B5;L=>AB8 ( <5;>48O, @8B<, B5<?, 48=0<8:0, B5<1@, ;04 8 4@. ) . C7K:0;L=0O @5GL :0: A?>A>1 >1I5=8O <564C ;N4L<8, 5Q M<>F8>=0;L=>5 2>7459AB285. ><?>78B>@ 8A?>;=8B5;L A;CH0B5;L. A>15==>AB8 <C7K:0;L=>9 @5G8 2 A>G8=5=8OE :><?>78B>@>2, 5Q 2K@078B5;L=K9 A<KA;. >B=0O 70?8AL :0: A?>A>1 D8:A0F88 <C7K:0;L=>9 @5G8. -;5<5=BK =>B=>9 3@0<>BK. 0728B85 <C7K:8 A>?>AB02;5=85 8 AB>;:=>25=85 GC2AB2 8 <KA;59 G5;>25:0, <C7K:0;L=KE 8=B>=0F89, B5<, EC4>65AB25==KE >1@07>2. A=>2=K5 ?@8Q<K <C7K:0;L=>3> @0728B8O ( ?>2B>@ 8 :>=B@0AB) . $>@<K ?>AB@>5=8O <C7K:8 :0: >1>1IQ==>5 2K@065=85 EC4>65AB25==>- >1@07=>3> A>45@60=8O ?@>872545=89. $>@<K >4=>G0AB=K5, 42CE- 8 B@QEG0AB=K5, 20@80F88, @>=4> 8 4@. C7K:0;L=0O :0@B8=0 <8@0. =B>=0F8>==>5 1>30BAB2> <C7K:0;L=>3> <8@0. 1I85 ?@54AB02;5=8O > <C7K:0;L=>9 687=8 AB@0=K. 5BA:85 E>@>2K5 8 8=AB@C<5=B0;L=K5 :>;;5:B82K, 0=A0<1;8 ?5A=8 8 B0=F0. K40NI85AO 8A?>;=8B5;LA:85 :>;;5:B82K ( E>@>2K5, A8<D>=8G5A:85) . C7K:0;L=K5 B50B@K. >=:C@AK 8 D5AB820;8 <C7K:0=B>2. C7K:0 4;O 45B59: @048>- 8 B5;5?5@540G8, 2845>D8;L<K, 72C:>70?8A8 ( C D , D V D ) . 07;8G=K5 284K <C7K:8: 2>:0;L=0O, 8=AB@C<5=B0;L=0O; A>;L=0O, E>@>20O, >@:5AB@>20O. 52G5A:85 3>;>A0: 45BA:85, 65=A:85, <C6A:85. %>@K: 45BA:89, 65=A:89, <C6A:>9, A<5H0==K9. C7K:0;L=K5 8=AB@C<5=BK. @:5AB@K: A8<D>=8G5A:89, 4CE>2>9, =0@>4=KE 8=AB@C<5=B>2. 0@>4=>5 8 ?@>D5AA8>=0;L=>5 <C7K:0;L=>5 B2>@G5AB2> @07=KE AB@0= <8@0. =>3>>1@0785 MB=>:C;LBC@=KE, 8AB>@8G5A:8 A;>682H8EAO B@048F89. 538>=0;L=K5 <C7K:0;L=>- ?>MB8G5A:85 B@048F88: A>45@60=85, >1@07=0O AD5@0 8 <C7K:0;L=K9 O7K:. 9 . "5E=>;>38O ( "@C4) 1I5:C;LBC@=K5 8 >1I5B@C4>2K5 :><?5B5=F88. A=>2K :C;LBC@K B@C40, A0<>>1A;C6820=8O "@C4>20O 45OB5;L=>ABL 8 5Q 7=0G5=85 2 687=8 G5;>25:0. C:>B2>@=K9 <8@ :0: @57C;LB0B B@C40 G5;>25:0; @07=>>1@0785 ?@54<5B>2 @C:>B2>@=>3> <8@0 ( B5E=8:0, ?@54<5BK 1KB0 8 45:>@0B82=>- ?@8:;04=>3> 8A:CAAB20 8 B. 4. ) @07=KE =0@>4>2 >AA88 ( =0 ?@8<5@5 2 3 =0@>4>2) . A>15==>AB8 B5<0B8:8, <0B5@80;>2, 2=5H=53> 2840 8745;89 45:>@0B82=>3> 8A:CAAB20 @07=KE =0@>4>2, >B@060NI85 ?@8@>4=K5, 35>3@0D8G5A:85 8 A>F80;L=K5 CA;>28O :>=:@5B=>3> =0@>40. -;5<5=B0@=K5 >1I85 ?@028;0 A>740=8O ?@54<5B>2 @C:>B2>@=>3> <8@0 ( C4>1AB2>, MAB5B8G5A:0O 2K@078B5;L=>ABL, ?@>G=>ABL; 30@<>=8O ?@54<5B>2 8 >:@C60NI59 A@54K) . 5@56=>5 >B=>H5=85 : ?@8@>45 :0: 8AB>G=8:C AK@L52KE @5AC@A>2. 0AB5@0 8 8E ?@>D5AA88. =0;87 7040=8O, >@30=870F8O @01>G53> <5AB0 2 7028A8<>AB8 >B 2840 @01>BK, ?;0=8@>20=85 B@C4>2>3> ?@>F5AA0. 0F8>=0;L=>5 @07<5I5=85 =0 @01>G5< <5AB5 <0B5@80;>2 8 8=AB@C<5=B>2, @0A?@545;5=85 @01>G53> 2@5<5=8. B1>@ 8 0=0;87 8=D>@<0F88 ( 87 CG51=8:0 8 4@C38E 4840:B8G5A:8E <0B5@80;>2) , 5Q 8A?>;L7>20=85 2 >@30=870F88 @01>BK. >=B@>;L 8 :>@@5:B8@>2:0 E>40 @01>BK. 01>B0 2 <0;KE 3@C??0E, >ACI5AB2;5=85 A>B@C4=8G5AB20, 2K?>;=5=85 A>F80;L=KE @>;59 ( @C:>2>48B5;L 8 ?>4G8=Q==K9) . -;5<5=B0@=0O B2>@G5A:0O 8 ?@>5:B=0O 45OB5;L=>ABL ( A>740=85 70<KA;0, 53> 45B0;870F8O 8 2>?;>I5=85) . 5A;>6=K5 :>;;5:B82=K5, 3@C??>2K5 8 8=48284C0;L=K5 ?@>5:BK. C;LBC@0 <56;8G=>AB=KE >B=>H5=89 2 A>2<5AB=>9 45OB5;L=>AB8. 57C;LB0B ?@>5:B=>9 45OB5;L=>AB8 8745;8O, CA;C38 ( =0?@8<5@, ?><>IL 25B5@0=0<, ?5=A8>=5@0<, 8=20;840<) , ?@074=8:8 8 B. ?. K?>;=5=85 4>ABC?=KE 284>2 @01>B ?> A0<>>1A;C6820=8N, 4><0H=5<C B@C4C, >:070=85 4>ABC?=KE 284>2 ?><>I8 <0;KH0<, 27@>A;K< 8 A25@AB=8:0<. "5E=>;>38O @CG=>9 >1@01>B:8 <0B5@80;>2. -;5<5=BK 3@0D8G5A:>9 3@0<>BK. 1I55 ?>=OB85 > <0B5@80;0E, 8E ?@>8AE>645=88. AA;54>20=85 M;5<5=B0@=KE D878G5A:8E, <5E0=8G5A:8E 8 B5E=>;>38G5A:8E A2>9AB2 4>ABC?=KE <0B5@80;>2. =>3>>1@0785 <0B5@80;>2 8 8E ?@0:B8G5A:>5 ?@8<5=5=85 2 687=8. >43>B>2:0 <0B5@80;>2 : @01>B5. -:>=><=>5 @0AE>4>20=85 <0B5@80;>2. K1>@ <0B5@80;>2 ?> 8E 45:>@0B82=>- EC4>65AB25==K< 8 :>=AB@C:B82=K< A2>9AB20<, 8A?>;L7>20=85 A>>B25BAB2CNI8E A?>A>1>2 >1@01>B:8 <0B5@80;>2 2 7028A8<>AB8 >B =07=0G5=8O 8745;8O. =AB@C<5=BK 8 ?@8A?>A>1;5=8O 4;O >1@01>B:8 <0B5@80;>2 ( 7=0=85 =0720=89 8A?>;L7C5<KE 8=AB@C<5=B>2) , 2K?>;=5=85 ?@8Q<>2 8E @0F8>=0;L=>3> 8 157>?0A=>3> 8A?>;L7>20=8O. 1I55 ?@54AB02;5=85 > B5E=>;>38G5A:>< ?@>F5AA5: 0=0;87 CAB@>9AB20 8 =07=0G5=8O 8745;8O; 2KAB@0820=85 ?>A;54>20B5;L=>AB8 ?@0:B8G5A:8E 459AB289 8 B5E=>;>38G5A:8E >?5@0F89; ?>41>@ <0B5@80;>2 8 8=AB@C<5=B>2; M:>=><=0O @07<5B:0; >1@01>B:0 A F5;LN ?>;CG5=8O 45B0;59, A1>@:0, >B45;:0 8745;8O; ?@>25@:0 8745;8O 2 459AB288, 2=5A5=85 =5>1E>48<KE 4>?>;=5=89 8 87<5=5=89. 07K20=85 8 2K?>;=5=85 >A=>2=KE B5E=>;>38G5A:8E >?5@0F89 @CG=>9 >1@01>B:8 <0B5@80;>2: @07<5B:0 45B0;59 ( =0 3;07, ?> H01;>=C, B@0D0@5BC, ;5:0;C, :>?8@>20=85<, A ?><>ILN ;8=59:8, C3>;L=8:0, F8@:C;O) , 2K45;5=85 45B0;59 ( >B@K20=85, @570=85 =>6=8F0<8, :0=F5;O@A:8< =>6><) , D>@<>>1@07>20=85 45B0;59 ( A3810=85, A:;04K20=85 8 4@. ) , A1>@:0 8745;8O ( :;552>5, =8B>G=>5, ?@>2>;>G=>5, 28=B>2>5 8 4@C385 284K A>548=5=8O) , >B45;:0 8745;8O 8;8 53> 45B0;59 ( >:@0H820=85, 2KH82:0, 0??;8:0F8O 8 4@. ) . K?>;=5=85 >B45;:8 2 A>>B25BAB288 A >A>15==>ABO<8 45:>@0B82=KE >@=0<5=B>2 @07=KE =0@>4>2 >AA88 ( @0AB8B5;L=K9, 35><5B@8G5A:89 8 4@C385 >@=0<5=BK) . A?>;L7>20=85 87<5@5=89 8 ?>AB@>5=89 4;O @5H5=8O ?@0:B8G5A:8E 7040G. 84K CA;>2=KE 3@0D8G5A:8E 87>1@065=89: @8AC=>:, ?@>AB59H89 G5@BQ6, MA:87, @072Q@B:0, AE5<0 ( 8E C7=020=85) . 07=0G5=85 ;8=89 G5@B560 ( :>=BC@, ;8=8O =04@570, A3810, @07<5@=0O, >A520O, F5=B@>20O, @07@K20) . 'B5=85 CA;>2=KE 3@0D8G5A:8E 87>1@065=89. 07<5B:0 45B0;59 A >?>@>9 =0 ?@>AB59H89 G5@BQ6, MA:87. 73>B>2;5=85 8745;89 ?> @8AC=:C, ?@>AB59H5<C G5@B56C 8;8 MA:87C, AE5<5. >=AB@C8@>20=85 8 <>45;8@>20=85 1I55 ?@54AB02;5=85 > :>=AB@C8@>20=88 :0: A>740=88 :>=AB@C:F88 :0:8E- ;81> 8745;89 ( B5E=8G5A:8E, 1KB>2KE, CG51=KE 8 ?@. ) . 745;85, 45B0;L 8745;8O ( >1I55 ?@54AB02;5=85) . >=OB85 > :>=AB@C:F88 8745;8O; @07;8G=K5 284K :>=AB@C:F89 8 A?>A>1K 8E A1>@:8. 84K 8 A?>A>1K A>548=5=8O 45B0;59. A=>2=K5 B@51>20=8O : 8745;8N ( A>>B25BAB285 <0B5@80;0, :>=AB@C:F88 8 2=5H=53> >D>@<;5=8O =07=0G5=8N 8745;8O) . >=AB@C8@>20=85 8 <>45;8@>20=85 8745;89 87 @07;8G=KE <0B5@80;>2 ?> >1@07FC, @8AC=:C, ?@>AB59H5<C G5@B56C 8;8 MA:87C 8 ?> 7040==K< CA;>28O< ( B5E=8:>- B5E=>;>38G5A:8<, DC=:F8>=0;L=K<, 45:>@0B82=>- EC4>65AB25==K< 8 ?@. ) . >=AB@C8@>20=85 8 <>45;8@>20=85 =0 :><?LNB5@5 8 2 8=B5@0:B82=>< :>=AB@C:B>@5. @0:B8:0 @01>BK =0 :><?LNB5@5 =D>@<0F8O 8 5Q >B1>@. !?>A>1K ?>;CG5=8O, E@0=5=8O, ?5@5@01>B:8 8=D>@<0F88. 07=0G5=85 >A=>2=KE CAB@>9AB2 :><?LNB5@0 4;O 22>40, 2K2>40, >1@01>B:8 8=D>@<0F88. :;NG5=85 8 2K:;NG5=85 :><?LNB5@0 8 ?>4:;NG05<KE : =5<C CAB@>9AB2. ;0280BC@0, >1I55 ?@54AB02;5=85 > ?@028;0E :;0280BC@=>3> ?8AL<0, ?>;L7>20=85 <KHLN, 8A?>;L7>20=85 ?@>AB59H8E A@54AB2 B5:AB>2>3> @540:B>@0. @>AB59H85 ?@8Q<K ?>8A:0 8=D>@<0F88: ?> :;NG52K< A;>20<. !>1;N45=85 157>?0A=KE ?@8Q<>2 B@C40 ?@8 @01>B5 =0 :><?LNB5@5; 15@56=>5 >B=>H5=85 : B5E=8G5A:8< CAB@>9AB20<. 01>B0 A & ( F8D@>2K<8 >1@07>20B5;L=K<8 @5AC@A0<8) , 3>B>2K<8 <0B5@80;0<8 =0 M;5:B@>==KE =>A8B5;OE ( C D ) . 01>B0 A ?@>ABK<8 8=D>@<0F8>==K<8 >1J5:B0<8 ( B5:AB, B01;8F0, AE5<0, @8AC=>:) : ?@5>1@07>20=85, A>740=85, A>E@0=5=85, C40;5=85. !>740=85 =51>;LH>3> B5:AB0 ?> 8=B5@5A=>9 45BO< B5<0B8:5. K2>4 B5:AB0 =0 ?@8=B5@. A?>;L7>20=85 @8AC=:>2 87 @5AC@A0 :><?LNB5@0, ?@>3@0<< W o r d 8 P o w e r P o i n t . 1 0 . $878G5A:0O :C;LBC@0 ( 040?B82=0O) =0=8O ?> 040?B82=>9 D878G5A:>9 :C;LBC@5 $878G5A:0O :C;LBC@0. @028;0 ?@54C?@5645=8O B@02<0B87<0 2> 2@5<O 70=OB89 D878G5A:8<8 C?@06=5=8O<8: >@30=870F8O <5AB 70=OB89, ?>41>@ >4564K, >1C28 8 8=25=B0@O. @028;0 ;8G=>9 38385=K. $878G5A:85 C?@06=5=8O. $878G5A:85 C?@06=5=8O, 8E 2;8O=85 =0 D878G5A:>5 @0728B85 8 @0728B85 D878G5A:8E :0G5AB2, >A=>2K A?>@B82=>9 B5E=8:8 87CG05<KE C?@06=5=89. $878G5A:0O ?>43>B>2:0 8 5Q A2O7L A @0728B85< >A=>2=KE D878G5A:8E :0G5AB2. %0@0:B5@8AB8:0 >A=>2=KE D878G5A:8E :0G5AB2: A8;K, 1KAB@>BK, 2K=>A;82>AB8, 381:>AB8 8 @02=>25A8O. !?>A>1K D87:C;LBC@=>9 45OB5;L=>AB8 !0<>AB>OB5;L=K5 70=OB8O. K?>;=5=85 :><?;5:A>2 C?@06=5=89 4;O D>@<8@>20=8O ?@028;L=>9 >A0=:8 8 @0728B8O <KHF BC;>28I0, @0728B8O >A=>2=KE D878G5A:8E :0G5AB2; ?@>2545=85 >74>@>28B5;L=KE 70=OB89 2 @568<5 4=O ( CB@5==OO 70@O4:0, D87:C;LB<8=CB:8) . !0<>AB>OB5;L=K5 83@K 8 @072;5G5=8O. @30=870F8O 8 ?@>2545=85 ?>4286=KE 83@ ( =0 A?>@B82=KE ?;>I04:0E 8 2 A?>@B82=KE 70;0E) . !>1;N45=85 ?@028; 83@. $878G5A:>5 A>25@H5=AB2>20=85 $87:C;LBC@=>>74>@>28B5;L=0O 45OB5;L=>ABL. ><?;5:AK D878G5A:8E C?@06=5=89 4;O CB@5==59 70@O4:8, D87:C;LB<8=CB>:, 70=OB89 ?> ?@>D8;0:B8:5 8 :>@@5:F88 =0@CH5=89 >A0=:8. ><?;5:AK C?@06=5=89 =0 @0728B85 D878G5A:8E :0G5AB2. ><?;5:AK 4KE0B5;L=KE C?@06=5=89. 8<=0AB8:0 4;O 3;07. !?>@B82=>>74>@>28B5;L=0O 45OB5;L=>ABL. 8<=0AB8:0. @30=87CNI85 :><0=4K 8 ?@8Q<K. @>AB59H85 284K ?>AB@>5=89. !B@>52K5 459AB28O 2 H5@5=35 8 :>;>==5; 2K?>;=5=85 ?@>AB59H8E AB@>52KE :><0=4 A >4=>2@5<5==K< ?>:07>< CG8B5;O. #?@06=5=8O 157 ?@54<5B>2 ( 4;O @07;8G=KE 3@C?? <KHF) 8 A ?@54<5B0<8 ( 38<=0AB8G5A:85 ?0;:8, D;06:8, >1@CG8, <0;K5 8 1>;LH85 <OG8) . ?>@=K9 ?@K6>:: 8<8B0F8>==K5 C?@06=5=8O, ?>42>4OI85 C?@06=5=8O : ?@K6:0< A @071530 G5@57 38<=0AB8G5A:>3> :>7;0 ( A ?>2KH5==>9 >@30=870F859 B5E=8:8 157>?0A=>AB8) . 8<=0AB8G5A:85 C?@06=5=8O ?@8:;04=>3> E0@0:B5@0. %>4L10, 153, <5B0=8O. @K6:8 A> A:0:0;:>9. 5@542865=85 ?> 38<=0AB8G5A:>9 AB5=:5. @5>4>;5=85 ?>;>AK ?@5?OBAB289 A M;5<5=B0<8 ;070=LO 8 ?5@5;570=8O, ?5@5?>;70=8O, ?5@542865=85 ?> =0:;>==>9 38<=0AB8G5A:>9 A:0<59:5. #?@06=5=8O 2 ?>4=8<0=88 8 ?5@5=>A:5 3@C7>2: ?>4E>4 : ?@54<5BC A =C6=>9 AB>@>=K, ?@028;L=K9 70E20B 53> 4;O ?5@5=>A:8, C<5=85 =5AB8, B>G=> 8 <O3:> >?CA:0BL ?@54<5B ( ?@54<5BK: <OG8, 38<=0AB8G5A:85 ?0;:8, >1@CG8, A:0<59:8, <0BK, 38<=0AB8G5A:89 Ť :>75;ť , Ť :>=Lť 8 B. 4. ) . Q3:0O 0B;5B8:0. %>4L10: ?0@0<8, ?> :@C3C ?0@0<8; 2 C<5@5==>< B5<?5 2 :>;>==5 ?> >4=><C 2 >1E>4 70;0 70 CG8B5;5<. %>4L10 A A>E@0=5=85< ?@028;L=>9 >A0=:8. %>4L10 2 G5@54>20=88 A 153><. 53>2K5 C?@06=5=8O: A 2KA>:8< ?>4=8<0=85< 154@0, A 87<5=5=85< =0?@02;5=8O 42865=8O, 87 @07=KE 8AE>4=KE ?>;>65=89; G5;=>G=K9 153; 2KA>:89 AB0@B A ?>A;54CNI8< CA:>@5=85<. @K6:>2K5 C?@06=5=8O: =0 >4=>9 =>35 8 42CE =>30E =0 <5AB5 8 A ?@>42865=85<; 2 4;8=C 8 2KA>BC; A?@K3820=85 8 70?@K3820=85. @>A:8: 1>;LH>3> <OG0 ( 1 :3) =0 40;L=>ABL @07=K<8 A?>A>10<8. 5B0=85: <0;>3> <OG0 2 25@B8:0;L=CN 8 3>@87>=B0;L=CN F5;L 8 =0 40;L=>ABL. K6=0O ?>43>B>2:0. 5@542865=85 =0 ;K60E; ?>2>@>BK; A?CA:8; ?>4JQ<K; B>@<>65=85. ;020=85. >42>4OI85 C?@06=5=8O: 2E>645=85 2 2>4C; ?5@542865=85 ?> 4=C 10AA59=0; C?@06=5=8O =0 2A?;K20=85; ;560=85 8 A:>;L65=85; C?@06=5=8O =0 A>3;0A>20=85 @01>BK @C: 8 =>3. 3@K 2 2>45. >4286=K5 83@K 8 M;5<5=BK A?>@B82=KE 83@ 0 <0B5@80;5 38<=0AB8:8: 83@>2K5 7040=8O A 8A?>;L7>20=85< AB@>52KE C?@06=5=89, C?@06=5=89 =0 2=8<0=85, A8;C, ;>2:>ABL 8 :>>@48=0F8N. 0 <0B5@80;5 ;Q3:>9 0B;5B8:8: ?@K6:8, 153, <5B0=8O 8 1@>A:8; C?@06=5=8O =0 :>>@48=0F8N, 2K=>A;82>ABL 8 1KAB@>BC. 0 <0B5@80;5 ;K6=>9 ?>43>B>2:8: MAB0D5BK 2 ?5@542865=88 =0 ;K60E, C?@06=5=8O =0 2K=>A;82>ABL 8 :>>@48=0F8N. 0 <0B5@80;5 A?>@B82=KE 83@: $CB1>;: C40@ ?> =5?>4286=><C 8 :0BOI5<CAO <OGC; >AB0=>2:0 <OG0; 2545=85 <OG0; ?>4286=K5 83@K =0 <0B5@80;5 DCB1>;0. 0A:5B1>;: AB>9:0 10A:5B1>;8AB0; A?5F80;L=K5 ?5@542865=8O 157 <OG0; E20B <OG0; 2545=85 <OG0 =0 <5AB5; 1@>A:8 <OG0 A <5AB0 42C<O @C:0<8 A=87C 87- ?>4 :>;LF0; ?5@540G0 8 ;>2;O <OG0 =0 <5AB5 42C<O @C:0<8 >B 3@C48 2 ?0@5 A CG8B5;5<; ?>4286=K5 83@K =0 <0B5@80;5 10A:5B1>;0. 8>=5@1>;: 1@>A:8 8 ;>2;O <OG0 2 ?0@0E G5@57 A5B:C 42C<O @C:0<8 A=87C 8 A25@EC; =86=OO ?>40G0 <OG0 ( >4=>9 @C:>9 A=87C) . >;591>;: ?>41@0AK20=85 <OG0; ?>40G0 <OG0; ?@8Q< 8 ?5@540G0 <OG0; ?>4286=K5 83@K =0 <0B5@80;5 2>;591>;0. >4286=K5 83@K @07=KE =0@>4>2. >@@5:F8>==>- @072820NI85 83@K: Ť >@O4>: 8 15A?>@O4>:ť , Ť #7=09, 345 72>=8;8ť , Ť !>15@8 C@>609ť . 3@K A 153>< 8 ?@K6:0<8: Ť !>@28 H8H:Cť , Ť # <54254O 2> 1>@Cť , Ť >41538 : A2>5<C ?@54<5BCť , Ť 5=L 8 =>GLť , Ť >B 8 <KH8ť , Ť OB=0H:8ť ; Ť @K6:8 ?> :>G:0<ť . 3@K A <OG><: Ť 5B0=85 <OG59 8 <5H>G:>2ť ; Ť >3> =0720;8 B>B 8 ;>28Bť , Ť OG ?> :@C3Cť , Ť 5 C@>=8 <OGť . 40?B82=0O D878G5A:0O @5018;8B0F8O. 1I5@072820NI85 C?@06=5=8O =0 <0B5@80;5 38<=0AB8:8. 0728B85 381:>AB8: H8@>:85 AB>9:8 =0 =>30E; E>4L10 H8@>:8< H03><, 2K?040<8, 2 ?@8A545, A <0E>< =>3>9; =0:;>=K; 2K?04K 8 ?>;CH?030BK =0 <5AB5; Ť 2K:@CBKť A 38<=0AB8G5A:>9 ?0;:>9, A:0:0;:>9; <0E8 ?@02>9 8 ;52>9 =>3>9, AB>O C 38<=0AB8G5A:>9 AB5=:8 8 ?@8 ?5@542865=8OE; 8=48284C0;L=K5 :><?;5:AK ?> @0728B8N 381:>AB8. 0728B85 :>>@48=0F88: ?@5>4>;5=85 ?@>ABKE ?@5?OBAB289; E>4L10 ?> 38<=0AB8G5A:>9 A:0<59:5, =87:><C 38<=0AB8G5A:><C 1@52=C; 2>A?@>872545=85 7040==>9 83@>2>9 ?>7K; 83@K =0 ?5@5:;NG5=85 2=8<0=8O, =0 @0AA;01;5=85 <KHF @C:, =>3, BC;>28I0 ( 2 ?>;>65=8OE AB>O 8 ;Q60, A84O) ; ?5@51@0AK20=85 <0;>3> <OG0 87 >4=>9 @C:8 2 4@C3CN; C?@06=5=8O =0 ?5@5:;NG5=85 2=8<0=8O; C?@06=5=8O =0 @0AA;01;5=85 >B45;L=KE <KH5G=KE 3@C??, ?5@542865=85 H03><, 153><, ?@K6:0<8 2 @07=KE =0?@02;5=8OE ?> =0<5G5==K< >@85=B8@0< 8 ?> A83=0;C. $>@<8@>20=85 >A0=:8: E>4L10 =0 =>A:0E, A ?@54<5B0<8 =0 3>;>25, A 7040==>9 >A0=:>9; 284K AB8;87>20==>9 E>4L1K ?>4 <C7K:C; :><?;5:AK :>@@838@CNI8E C?@06=5=89 =0 :>=B@>;L >ICI5=89 ( 2 ?>AB0=>2:5 3>;>2K, ?;5G, ?>72>=>G=>3> AB>;10) , =0 :>=B@>;L >A0=:8 2 42865=88, ?>;>65=89 B5;0 8 53> 725=L52 AB>O, A84O, ;Q60; :><?;5:AK C?@06=5=89 4;O C:@5?;5=8O <KH5G=>3> :>@A5B0. 0728B85 A8;>2KE A?>A>1=>AB59: 48=0<8G5A:85 C?@06=5=8O 157 >BO3>I5=89 ( ?@5>4>;5=85 25A0 A>1AB25==>3> B5;0) , A >BO3>I5=8O<8 ( =0182=K5 <OG8 1 :3, 30=B5;8 8;8 <5H>G:8 A ?5A:>< 4> 1 0 0 3, 38<=0AB8G5A:85 ?0;:8 8 1C;02K) , ?@5>4>;5=85 A>?@>B82;5=8O ?0@B=5@0 ( ?0@=K5 C?@06=5=8O) ; >B68<0=8O >B ?>2KH5==>9 >?>@K ( 38<=0AB8G5A:0O A:0<59:0) . 0 <0B5@80;5 ;Q3:>9 0B;5B8:8 0728B85 :>>@48=0F88: 153 A 87<5=ONI8<AO =0?@02;5=85< ?> >3@0=8G5==>9 >?>@5; ?@>1530=85 :>@>B:8E >B@57:>2 87 @07=KE 8AE>4=KE ?>;>65=89; ?@K6:8 G5@57 A:0:0;:C =0 <5AB5 =0 >4=>9 =>35 8 42CE =>30E ?>>G5@Q4=>. 0728B85 1KAB@>BK: ?>2B>@=>5 2K?>;=5=85 153>2KE C?@06=5=89 A <0:A8<0;L=>9 A:>@>ABLN A 2KA>:>3> AB0@B0, 87 @07=KE 8AE>4=KE ?>;>65=89; G5;=>G=K9 153; 1@>A:8 2 AB5=:C 8 ;>2;O B5==8A=>3> <OG0, AB>O C AB5=K, 87 @07=KE 8AE>4=KE ?>;>65=89, A ?>2>@>B0<8. 0728B85 2K=>A;82>AB8: @02=><5@=K9 153 2 @568<5 C<5@5==>9 8=B5=A82=>AB8, G5@54CNI89AO A E>4L1>9, A 153>< 2 @568<5 1>;LH>9 8=B5=A82=>AB8, A CA:>@5=8O<8; ?>2B>@=K9 153 A <0:A8<0;L=>9 A:>@>ABLN =0 48AB0=F8N 3 0 < ( A A>E@0=ONI8<AO 8;8 87<5=ONI8<AO 8=B5@20;>< >B4KE0) ; 153 =0 48AB0=F8N 4> 4 0 0 <; @02=><5@=K9 6 - <8=CB=K9 153. 0728B85 A8;>2KE A?>A>1=>AB59: ?>2B>@=>5 2K?>;=5=85 <=>3>A:>:>2; ?>2B>@=>5 ?@5>4>;5=85 ?@5?OBAB289 ( 1 5 2 0 A<) ; ?5@540G0 =0182=>3> <OG0 ( 1 :3) 2 <0:A8<0;L=>< B5<?5, ?> :@C3C, 87 @07=KE 8AE>4=KE ?>;>65=89; <5B0=85 =0182=KE <OG59 ( 1 2 :3) >4=>9 @C:>9 8 42C<O @C:0<8 87 @07=KE 8AE>4=KE ?>;>65=89 8 @07;8G=K<8 A?>A>10<8 ( A25@EC, A1>:C, A=87C, >B 3@C48) ; ?>2B>@=>5 2K?>;=5=85 153>2KE =03@C7>: 2 3>@:C; ?@K6:8 2 2KA>BC =0 <5AB5 A :0A0=85< @C:>9 ?>425H5==KE >@85=B8@>2; ?@K6:8 A ?@>42865=85< 2?5@Q4 ( ?@02K< 8 ;52K< 1>:><) , A 4>AB020=85< >@85=B8@>2, @0A?>;>65==KE =0 @07=>9 2KA>B5; ?@K6:8 ?> @07<5B:0< 2 ?>;C?@8A545 8 ?@8A545. 0 <0B5@80;5 ;K6=KE 3>=>: 0728B85 :>>@48=0F88: ?5@5=>A BO65AB8 B5;0 A ;K68 =0 ;K6C ( =0 <5AB5) ; :><?;5:AK >1I5@072820NI8E C?@06=5=89 A 87<5=5=85< ?>7 B5;0, AB>O =0 ;K60E; A:>;L65=85 =0 ?@02>9 ( ;52>9) =>35 ?>A;5 42CE- B@QE H03>2; A?CA: A 3>@K A 87<5=ONI8<8AO AB>9:0<8 =0 ;K60E; ?>418@0=85 ?@54<5B>2 2> 2@5<O A?CA:0 2 =87:>9 AB>9:5. 0728B85 2K=>A;82>AB8: ?5@542865=85 =0 ;K60E 2 @568<5 C<5@5==>9 8=B5=A82=>AB8, 2 G5@54>20=88 A ?@>E>645=85< >B@57:>2 2 @568<5 1>;LH>9 8=B5=A82=>AB8, A CA:>@5=8O<8; ?@>E>645=85 B@5=8@>2>G=KE 48AB0=F89. 0 <0B5@80;5 ?;020=8O 0728B85 2K=>A;82>AB8: @01>B0 =>3 C 25@B8:0;L=>9 ?>25@E=>AB8, ?@>?;K20=85 >B@57:>2 =0 =>30E, 45@60AL 70 4>A:C; A:>;L65=85 =0 3@C48 8 A?8=5 A 7045@6:>9 4KE0=8O ( AB@5;>G:>9. >@@5:F8>==>- @072820NI85 C?@06=5=8O A=>2=K5 ?>;>65=8O 8 42865=8O 3>;>2K, :>=5G=>AB59 8 BC;>28I0, 2K?>;=O5<K5 =0 <5AB5: A>G5B0=85 42865=89 BC;>28I0, =>3 A >4=>8<5==K<8 42865=8O<8 @C:; :><?;5:AK C?@06=5=89 157 ?@54<5B>2 =0 <5AB5 8 A ?@54<5B0<8 ( 3/ ?0;:0, <0;K9 <OG, A@54=89 <OG, 3/ <OG, =0182=>9 <OG, A@54=89 >1@CG, 1>;LH>9 >1@CG) . #?@06=5=8O =0 4KE0=85: ?@028;L=>5 4KE0=85 2 @07;8G=KE . . A84O, AB>O, ;560; 3;C1>:>5 4KE0=85 ?@8 2K?>;=5=88 C?@06=5=89 157 ?@54<5B>2; 4KE0=85 ?> ?>4@060=8N ( " ?>=NE0BL F25B>:" , " ?>4CBL =0 :0HC" , Ť A>3@5BL @C:8ť , Ť A4CBL ?CH8=:8ť ) , 4KE0=85 2> 2@5<O E>4L1K A ?@>87=>H5=85< 72C:>2 =0 2K4>E5, 2K?>;=5=85 24>E0 8 2K4>E0 G5@57 =>A. #?@06=5=8O =0 :>@@5:F8N 8 D>@<8@>20=85 ?@028;L=>9 >A0=:8: C?@06=5=8O C 38<=0AB8G5A:>9 AB5=:8 ( @07;8G=K5 42865=8O @C:, =>3, A:>;L65=85 A?8=>9 8 70BK;:>< ?> 38<=0AB8G5A:>9 AB5=:5, ?@8A54K) ; A>E@0=5=85 ?@028;L=>9 >A0=:8 ?@8 2K?>;=5=88 @07;8G=KE 42865=89 @C:0<8; C?@06=5=8O 2 42865=88 8<8B8@CNI85 E>4L1C, 153 682>B=KE 8 42865=8O @01>B0NI53> G5;>25:0 ( Ť E>4L10 :0: ;8A8G:0ť , Ť :0: <54254Lť , ?>E;>?K20=85 :@K;LO<8 :0: ?5BCH>:ť , ?>:0G820=85 3>;>2>9 :0: ;>H04:0ť , Ť 2:@CG820=85 ;0<?>G:8ť , Ť 701820=85 32>74Oť , Ť A@K20=85 O1;>:ť , Ť A:0B09 A=56=K9 :><ť , Ť ?>;>A:0=85 15;LOť ) ; C?@06=5=8O =0 A5=A>@=KE =0182=KE <OG0E @07;8G=>3> 480<5B@0 ( A84O =0 <OG5 A C45@60=85< AB0B8G5A:>9 ?>7K A >?>@>9 A @07;8G=K<8 42865=8O<8 @C:) ; E>4L10 A <5H>G:>< =0 3>;>25; ?>4=8<0=85 =0 =>A:8 8 >?CA:0=85 =0 ?OB:8 A <5H>G:>< =0 3>;>25; C?@06=5=8O =0 C:@5?;5=85 <KHF A?8=K 8 1@NH=>3> ?@5AA0 ?CB5< ?@>3810 =0704: Ť <5Oť , Ť >;5G:>ť , Ť >4>G:0ť ; C?@06=5=8O 4;O C:@5?;5=8O <KHF A?8=K ?CB5< A:;04K20=8O: Ť B8F0ť , Ť =86:0ť Ť >H5G:0ť ; C?@06=5=8O 4;O C:@5?;5=8O ?>72>=>G=8:0 ?CB5< ?>2>@>B0 BC;>28I0 8 =0:;>=0 53> 2 AB>@>=K: Ť 68:ť , Ť 25740ť , Ť 5AOFť ; C?@06=5=8O =0 C:@5?;5=85 <KHF B07>2>3> ?>OA0, 1545@, =>3: Ť O3CH:0ť , Ť 01>G:0ť , Ť >6=8FKť . #?@06=5=8O =0 :>@@5:F8N 8 ?@>D8;0:B8:C ?;>A:>AB>?8O: A84O ( Ť :0B>:ť , Ť A5@?ť , Ť >:=>ť , Ť <0;O@ť , Ť <5;L=8F0ť , Ť :>@01;8:ť , Ť E>4L10ť , Ť ;>H04:0ť , Ť <54256>=>:ť ) ; A84O: 2@0I5=85 AB>?0<8 ?>>G5@54=> 8 >4=>2@5<5==> 2?@02> 8 2;52>, :0B0=85 <OG0 =>30<8; E>4L10 ?@8AB02=K<8 H030<8 8 ;8F>< 2?5@54 ?> :0=0BC A> AB@0E>2:>9; E>4L10 =0 2=CB@5==5< 8 2=5H=5< A2>45 AB>?K; E>4L10 ?> <0AA06=>9 4>@>6:5 4;O AB>?. #?@06=5=8O =0 @0728B85 >1I59 8 <5;:>9 <>B>@8:8: A A5=A>@=K<8 =0182=K<8 <OG0<8 @07=>3> 480<5B@0 ( ?@>:0BK20=85, ?5@5:0BK20=85 ?0@B=5@C) ; A> A@54=8<8 <OG0<8 ( ?5@5:0BK20=85 ?0@B=5@C A84O, ?>41@0AK20=85 <OG0 =04 A>1>9 8 ;>2;O, 1@>A:8 <OG0 2 AB5=C) ; A <0;K<8 <OG0<8 ( ?5@5:;04K20=8O 87 @C:8 2 @C:C, ?>41@0AK20=85 42C<O, C40@K <OG0 2 AB5=C 2 :204@0BK 8 ;>2;O A >BA:>:>< >B ?>;0 42C<O; C40@K <OG0 >1 ?>; >4=>9 @C:>9 8 ;>2;O 42C<O) ; =0182=K<8 <OG0<8 1 :3 ( E>4L10 A <OG>< 2 @C:0E, C45@6820O 53> =0 3@C48 8 70 3>;>2>9 ?> 3 0 A5:C=4; ?>4=8<0=85 <OG0 2?5@54, 225@E, 2?@02>, 2;52>) . #?@06=5=8O =0 @0728B85 B>G=>AB8 8 :>>@48=0F88 42865=89: ?>AB@>5=85 2 H5@5=3C 8 2 :>;>==C A 87<5=5=85< <5AB0 ?>AB@>5=8O; E>4L10 <564C @07;8G=K<8 >@85=B8@0<8; 153 ?> =0G5@G5==K< =0 ?>;C >@85=B8@0< ( 2A5 7040=8O 2K?>;=ONBAO 2<5AB5 A CG8B5;5<) ; =5A:>;L:> ?>2>@>B>2 ?>4@O4 ?> ?>:07C, E>4L10 ?> 42C< ?0@0;;5;L=> ?>AB02;5==K< A:0<59:0< A ?><>ILN. #?@06=5=8O =0 @0728B85 42830B5;L=KE C<5=89 8 =02K:>2 ?>AB@>5=8O 8 ?5@5AB@>5=8O: 2K?>;=5=85 :><0=4 Ť !B0=>28AL! ť , Ť 02=O9AL! ť , Ť !<8@=>! ť , Ť >;L=>! ť , Ť (03>< <0@H! ť , Ť ;0AA AB>9! ť A ?><>ILN; @07<K:0=85 2 H5@5=35 8 2 :>;>==5; @07<K:0=85 2 H5@5=35 =0 2KBO=CBK5 @C:8; ?>2>@>BK =0?@02>, =0;52> A C:070=85< =0?@02;5=8O; ?>2>@>BK =0 <5AB5 :@C3>< A ?>:07>< =0?@02;5=8O. %>4L10 8 153: E>4L10 =0 ?OB:0E, =0 =>A:0E; E>4L10 2 @07;8G=>< B5<?5: <54;5==>, 1KAB@>; 153 2 G5@54>20=88 A E>4L1>9; E>4L10 8 153 2 <54;5==>< B5<?5 A A>E@0=5=85< 48AB0=F88; 153 2 :>;>==5 ?> >4=><C 2 @02=><5@=>< B5<?5; G5;=>G=K9 153 3 % 1 0 <5B@>2; 2KA>:89 AB0@B; 153 =0 3 0 <5B@>2 A 2KA>:>3> AB0@B0 =0 A:>@>ABL. @K6:8: ?@K6:8 =0 42CE ( >4=>9) =>35 =0 <5AB5 A ?>2>@>B0<8 =0 1 8 0 ° 8 3 6 0 ° ; ?@K6:8 =0 >4=>9 =>35 A ?@>42865=85< 2?5@54; ?@K6:8 2 4;8=C A <5AB0 B>;G:>< 42CE =>3; ?@K6:8 2 3;C18=C A 2KA>BK 5 0 A<; 2 4;8=C A 42CE- B@5E H03>2, B>;G:>< >4=>9 A ?@875<;5=85< =0 425 G5@57 @>2; ?@K6:8 1>:>< G5@57 3/ A:0<59:C A >?>@>9 =0 @C:8; ?@K6:8, =0ABC?0O =0 3/ A:0<59:C; ?@K6:8 2 2KA>BC A H030. @>A:8, ;>2;O, <5B0=85 <OG0 8 ?5@540G0 ?@54<5B>2: <5B0=85 <0;>3> <OG0 ?@02>9 ( ;52>9) @C:>9 =0 40;L=>ABL A?>A>1>< Ť 87- 70 3>;>2K G5@57 ?;5G>ť ; <5B0=85 <0;>3> <OG0 2 3>@87>=B0;L=CN F5;L ( <8H5=8 =0 3/ AB5=:5) ; <5B0=85 <0;>3> <OG0 2 25@B8:0;L=CN F5;L; ?>41@0AK20=85 2>;591>;L=>3> <OG0 ?5@54 A>1>9 8 ;>2;O 53>; 2KA>:>5 ?>41@0AK20=85 1>;LH>3> <OG0 8 ;>2;O 53> ?>A;5 >BA:>:0 >B ?>;0; 1@>A:8 1>;LH>3> <OG0 4@C3 4@C3C 2 ?0@0E 42C<O @C:0<8 A=87C; 1@>A:8 =0182=>3> <OG0 25A>< 1 :3 @07;8G=K<8 A?>A>10<8: 42C<O @C:0<8 A=87C 8 >B 3@C48, 87- 70 3>;>2K; ?5@5=>A:0 >4=>2@5<5==> 2 - 3 ?@54<5B>2 @07;8G=>9 D>@<K ( D;06:8, :53;8, ?0;:8, <OG8 8 B. 4. ) ; ?5@540G0 8 ?5@5=>A:0 ?@54<5B>2 =0 @0AAB>O=85 4> 2 0 <5B@>2 ( =0182=KE <OG59 - 1 :3, 3/ ?0;>:, 1>;LH8E <OG59 8 B. 4. ) . 02=>25A85: E>4L10 ?> 3/ A:0<59:5 A ?@54<5B>< ( D;06>:, 3/ <OG, 3/ ?0;:0) ; E>4L10 ?> 3/ A:0<59:5 A @07;8G=K<8 ?>;>65=8O<8 @C:; E>4L10 ?> 3/ A:0<59:5 A >?CA:0=85< =0 >4=> :>;5=>; E>4L10 ?> 3/ A:0<59:5 A ?5@5H03820=85< G5@57 ?@54<5BK 2KA>B>9 1 5 - 2 0 A<; ?>2>@>B :@C3>< ?5@5ABC?0=85< =0 3/ A:0<59:5; @0AE>645=85 242>5< ?@8 2AB@5G5 =0 3/ A:0<59:5; Ť 5BCH>:ť , Ť 0AB>G:0ť =0 ?>;C. 070=85, ?5@5;570=85, ?>4;570=85: ?>;70=L5 =0 G5B25@5=L:0E ?> =0:;>==>9 3/ A:0<59:5 A ?5@5E>4>< =0 3/ AB5=:C; ;070=L5 ?> 3/ AB5=:5 >4=>2@5<5==K< A?>A>1><, =5 ?@>?CA:0O @55:, A ?>445@6:>9; ?5@542865=85 ?> 3/ AB5=:8 2 AB>@>=C; ?>4;570=85 8 ?5@5;570=85 ?>4 ?@5?OBAB28O @07=>9 2KA>BK ( <O3:85 <>4C;8, 3/ A:0<59:0, >1@CG8, 3/ A:0:0;:0, AB>9:8 8 B. 4. ) ; ?>4;570=85 ?>4 ?@5?OBAB285< A ?@54<5B>< 2 @C:0E; ?@>;570=85 2 <>4C;L- B>==5;L; ?5@5H03820=85 G5@57 ?@54<5BK: :C18:8, :53;8, =0182=K5 <OG8, 1>;LH85 <OG8; 28A =0 @C:0E =0 3/ AB5=:5 1 - 2 A5:C=4K; ?>;>A0 ?@5?OBAB289 87 5 - 6 7040=89 2 ?>4;570=88, ?5@5;570=88 8 @02=>25A88. 1 1 . 8B<8:0. @5?>4020=85 @8B<8:8 2 A?5F80;L=>< ( :>@@5:F8>==><) >1@07>20B5;L=>< CG@5645=88 V I I I 2840 >1CA;>2;5=> =5>1E>48<>ABLN >ACI5AB2;5=8O :>@@5:F88 =54>AB0B:>2 ?A8E8G5A:>3> 8 D878G5A:>3> @0728B8O C<AB25==> >BAB0;KE 45B59 A@54AB20<8 <C7K:0;L=>- @8B<8G5A:>9 45OB5;L=>AB8. !?5F8D8G5A:85 A@54AB20 2>7459AB28O =0 CG0I8EAO, A2>9AB25==K5 @8B<8:5, A?>A>1AB2CNB >1I5<C @0728B8N <;04H8E C<AB25==> >BAB0;KE H:>;L=8:>2, 8A?@02;5=8N =54>AB0B:>2 D878G5A:>3> @0728B8O, >1I59 8 @5G52>9 <>B>@8:8, M<>F8>=0;L=>- 2>;52>9 AD5@K, 2>A?8B0=8N ?>;>68B5;L=KE :0G5AB2 ;8G=>AB8 ( 4@C65;N18O, 48AF8?;8=8@>20==>AB8, :>;;5:B8287<0) , MAB5B8G5A:><C 2>A?8B0=8N. @>3@0<<0 ?> @8B<8:5 A>AB>8B 87 ?OB8 @0745;>2: Ť #?@06=5=8O =0 >@85=B8@>2:C 2 ?@>AB@0=AB25ť ; Ť 8B<8:>- 38<=0AB8G5A:85 C?@06=5=8Oť ; Ť #?@06=5=8O A 45BA:8<8 <C7K:0;L=K<8 8=AB@C<5=B0<8ť ; Ť 3@K ?>4 <C7K:Cť ; Ť "0=F520;L=K5 C?@06=5=8Oť . :064>< @0745;5 2 A8AB5<0B878@>20==>< 2845 87;>65=K C?@06=5=8O 8 >?@545;5= 8E >1J5<, 0 B0:65 C:070=K 7=0=8O 8 C<5=8O, :>B>@K<8 4>;6=K >2;045BL CG0I85AO, 70=8<0OAL :>=:@5B=K< 284>< <C7K:0;L=>- @8B<8G5A:>9 45OB5;L=>AB8. # / " # !" !" @028;L=>5 8AE>4=>5 ?>;>65=85. %>4L10 8 153: A 2KA>:8< ?>4=8<0=85< :>;5=, A >B1@0AK20=85< ?@O<>9 =>38 2?5@54 8 >BBO3820=85< =>A:0. 5@5AB@>5=85 2 :@C3 87 H5@5=38, F5?>G:8. @85=B8@>2:0 2 =0?@02;5=88 42865=89 2?5@54, =0704, =0?@02>, =0;52>, 2 :@C3, 87 :@C30. K?>;=5=85 ?@>ABKE 42865=89 A ?@54<5B0<8 2> 2@5<O E>4L1K. "- !"'! # / ˇ 1I5@072820NI85 C?@06=5=8O. 0:;>=K, 2K?@O<;5=85 8 ?>2>@>BK 3>;>2K, :@C3>2K5 42865=8O ?;5G0<8 ( Ť ?0@>2>78:8ť ) . 2865=8O @C: 2 @07=KE =0?@02;5=8OE 157 ?@54<5B>2 8 A ?@54<5B0<8 ( D;06:8, ?>3@5<CH:8, ;5=BK) . 0:;>=K 8 ?>2>@>BK BC;>28I0 2?@02>, 2;52> ( :;0ABL 8 ?>4=8<0BL ?@54<5BK ?5@54 A>1>9 8 A1>:C) . @8A540=8O A >?>@>9 8 157 >?>@K, A ?@54<5B0<8 ( >1@CG, ?0;:0, D;06:8, <OG) . !3810=85 8 @073810=85 =>38 2 ?>4J5<5, >B2545=85 AB>?K =0@C6C 8 ?@82545=85 55 2=CB@L, :@C3>2K5 42865=8O AB>?>9, 2KAB02;5=85 =>38 =0 =>A>: 2?5@54 8 2 AB>@>=K, 2AB020=85 =0 ?>;C?0;LFK. #?@06=5=8O =0 2K@01>B:C >A0=:8. ˇ #?@06=5=8O =0 :>>@48=0F8N 42865=89. 5@5:@5AB=>5 ?>4=8<0=85 8 >?CA:0=85 @C: ( ?@020O @C:0 225@EC, ;520O 2=87C) . 4=>2@5<5==K5 42865=8O ?@02>9 @C:8 225@E, ;52>9 2 AB>@>=C; ?@02>9 @C:8 2?5@54, ;52>9 225@E. KAB02;5=85 ;52>9 =>38 2?5@54, ?@02>9 @C:8 ?5@54 A>1>9; ?@02>9 =>38 2 AB>@>=C, ;52>9 @C:8 2 AB>@>=C 8 B. 4. 7CG5=85 ?>78F89 @C:: A<5=0 ?>78F89 @C: >B45;L=> :064>9 8 >158<8 >4=>2@5<5==>; ?@>2>60BL 42865=85 @C:8 3>;>2>9, 273;O4><. BABC:820=85, ?@>E;>?K20=85, ?@>B>?K20=85 ?@>ABKE @8B<8G5A:8E @8AC=:>2. ˇ #?@06=5=85 =0 @0AA;01;5=85 <KHF. >4=O2 @C:8 2 AB>@>=K 8 A;53:0 =0:;>=82H8AL 2?5@54, ?> A83=0;C CG8B5;O 8;8 0:F5=BC 2 <C7K:5 C@>=8BL @C:8 2=87; 1KAB@K<, =5?@5@K2=K< 42865=85< ?@54?;5GLO A2>1>4=> ?>B@OAB8 :8ABO<8 ( 8<8B0F8O >B@OE820=8O 2>4K A ?0;LF52) ; ?>4=O2 ?;5G8 :0: <>6=> 2KH5, 40BL 8< A2>1>4=> >?CAB8BLAO 2 =>@<0;L=>5 ?>;>65=85. !2>1>4=>5 :@C3>2>5 42865=85 @C:. 5@5=5A5=85 BO65AB8 B5;0 A ?OB>: =0 =>A:8 8 >1@0B=>, A >4=>9 =>38 =0 4@C3CN ( <0OB=8:) . # / ! "! #+,+ !" #" 2865=8O :8AB59 @C: 2 @07=KE =0?@02;5=8OE. >>G5@54=>5 8 >4=>2@5<5==>5 A68<0=85 2 :C;0: 8 @0768<0=85 ?0;LF52 @C: A 87<5=5=85< B5<?0 <C7K:8. @>B82>?>AB02;5=85 ?5@2>3> ?0;LF0 >AB0;L=K< =0 :064K9 0:F5=B 2 <C7K:5. B2545=85 8 ?@82545=85 ?0;LF52 >4=>9 @C:8 8 >158E. K45;5=85 ?0;LF52 @C:. #?@06=5=8O 4;O ?0;LF52 @C: =0 45BA:>< ?80=8=>. A?>;=5=85 2>AE>4OI59 8 =8AE>4OI59 30<<K 2 ?@545;0E ?OB8 =>B >4=>9 >:B02K ?@02>9 8 ;52>9 @C:>9 >B45;L=> 2 A@54=5< B5<?5. BABC:820=85 ?@>ABKE @8B<8G5A:8E @8AC=:>2 =0 10@010=5 42C<O ?0;>G:0<8 >4=>2@5<5==> 8 :064>9 >B45;L=> ?>4 AG5B CG8B5;O A ?@>3>20@820=85< AB8E>2. + #+# K?>;=5=85 @8B<8G=KE 42865=89 2 A>>B25BAB288 A @07;8G=K< E0@0:B5@>< <C7K:8, 48=0<8:>9 ( 3@><:>, B8E>) , @538AB@0<8 ( 2KA>:89, =87:89) . 7<5=5=85 =0?@02;5=8O 8 D>@<K E>4L1K, 1530, ?>A:>:>2, B0=F520;L=KE 42865=89 2 A>>B25BAB288 A 87<5=5=8O<8 2 <C7K:5 ( ;53:89, B0=F520;L=K9 153 A<5=O5BAO AB@5<8B5;L=K<, A?>@B82=K<; ;53:>5, 83@82>5 ?>4?@K3820=85 BO65;K<, :><8G=K< 8 B. 4. ) . K?>;=5=85 8<8B0F8>==KE C?@06=5=89 8 83@, ?>AB@>5==KE =0 :>=:@5B=KE ?>4@060B5;L=KE >1@070E, E>@>H> 7=0:><KE 45BO< ( ?>204:8 725@59, ?B8F, 42865=85 B@0=A?>@B0, 45OB5;L=>ABL G5;>25:0) , 2 A>>B25BAB288 A >?@545;5==K< M<>F8>=0;L=K< 8 48=0<8G5A:8< E0@0:B5@>< <C7K:8. 5@540G0 ?@8B>?0<8, E;>?:0<8 8 4@C38<8 42865=8O<8 @57:8E 0:F5=B>2 2 <C7K:5. C7K:0;L=K5 83@K A ?@54<5B0<8. 3@K A ?5=85< 8;8 @5G52K< A>?@>2>645=85<. "&,+ # / =0:><AB2> A B0=F520;L=K<8 42865=8O<8. >4@K9, A?>:>9=K9, B>?0NI89 H03. 53 ;53:89, =0 ?>;C?0;LF0E. >4?@K3820=85 =0 42CE =>30E. @O<>9 30;>?. 0E>2K5 42865=8O @C:. -;5<5=BK @CAA:>9 ?;OA:8: ?@>AB>9 E>@>2>4=K9 H03, H03 =0 2A59 ABC?=5, ?>41>G5=82H8AL 42C<O @C:0<8 ( 4;O 452>G5: 42865=85 A ?;0B>G:><) ; ?@8B>?K >4=>9 =>3>9 8 ?>>G5@54=>, 2KAB02;5=85 =>38 A =>A:0 =0 ?OB:C. 2865=8O ?0@0<8: 153, E>4L10, :@C65=85 =0 <5AB5. %>@>2>4K 2 :@C3C, ?;OA:8 A ?@8B>?0<8, :@C65=85<, E;>?:0<8. "0=FK 8 ?;OA:8 ˇ 0;LG8:8 8 @CG:8. CAA:0O =0@>4=0O <5;>48O Ť 9, =0 3>@5- B>ť . ˇ !BC:0;:0. #:@08=A:0O =0@>4=0O <5;>48O. ˇ >4@C68;8AL. C7K:0 ". 8;L:>@59A:>9. ˇ ;OA:0 A AC;B0=G8:0<8. #:@08=A:0O =0@>4=0O <5;>48O. ˇ ;OA:0 A ?@8B>?0<8. >?0:. #:@08=A:0O =0@>4=0O <5;>48O. A=>2=K5 B@51>20=8O : C<5=8O< CG0I8EAO #G0I85AO 4>;6=K C<5BL: ˇ 3>B>28BLAO : 70=OB8O<, AB@>8BLAO 2 :>;>==C ?> >4=><C, =0E>48BL A2>5 <5AB> 2 AB@>N 8 2E>48BL 2 70; >@30=87>20==> ?>4 <C7K:C, ?@825BAB2>20BL CG8B5;O, 70=8<0BL ?@028;L=>5 8AE>4=>5 ?>;>65=85 ( AB>OBL ?@O<>, =5 >?CA:0BL 3>;>2C, 157 ;8H=53> =0?@O65=8O 2 :>;5=OE 8 ?;5G0E, =5 ACBC;8BLAO) , @02=OBLAO 2 H5@5=35, 2 :>;>==5; ˇ E>48BL A2>1>4=K< 5AB5AB25==K< H03><, 42830BLAO ?> 70;C 2 @07=KE =0?@02;5=8OE, =5 <5H0O 4@C3 4@C3C; ˇ E>48BL 8 1530BL ?> :@C3C A A>E@0=5=85< ?@028;L=KE 48AB0=F89, =5 AC60O :@C3 8 =5 AE>4O A 53> ;8=88; ˇ @8B<8G=> 2K?>;=OBL =5A;>6=K5 42865=8O @C:0<8 8 =>30<8; ˇ A>>B=>A8BL B5<? 42865=89 A B5<?>< <C7K:0;L=>3> ?@>872545=8O; ˇ 2K?>;=OBL 83@>2K5 8 ?;OA>2K5 42865=8O; ˇ 2K?>;=OBL 7040=8O ?>A;5 ?>:070 8 ?> A;>25A=>9 8=AB@C:F88 CG8B5;O; ˇ =0G8=0BL 8 70:0=G820BL 42865=8O 2 A>>B25BAB288 A> 72CG0=85< <C7K:8. 2 . 3 . @>3@0<<0 4CE>2=>- =@02AB25==>3> @0728B8O 8 2>A?8B0=8O >1CG0NI8EAO =0 ABC?5=8 =0G0;L=>3> >1I53> >1@07>20=8O @>3@0<<0 4CE>2=>- =@02AB25==>3> @0728B8O =0?@02;O5B >1@07>20B5;L=K9 ?@>F5AA =0 2>A?8B0=85 >1CG0NI8EAO A 2 4CE5 ;N128 : >48=5, C2065=8O : :C;LBC@=>- 8AB>@8G5A:><C =0A;548N A2>53> =0@>40 8 A2>59 AB@0=K, =0 D>@<8@>20=85 >A=>2 A>F80;L=> >B25BAB25==>3> ?>2545=8O. @>3@0<<0 ?@54CA<0B@8205B ?@8>1I5=85 >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O : 107>2K< =0F8>=0;L=K< F5==>ABO< @>AA89A:>3> >1I5AB20, >1I5G5;>25G5A:8< F5==>ABO< 2 :>=B5:AB5 D>@<8@>20=8O C =8E =@02AB25==KE GC2AB2, =@02AB25==>3> A>7=0=8O 8 ?>2545=8O. >A=>2C ?@>3@0<<K ?>;>65=K :;NG52K5 2>A?8B0B5;L=K5 7040G8, 107>2K5 =0F8>=0;L=K5 F5==>AB8 @>AA89A:>3> >1I5AB20 8 >1I5G5;>25G5A:85 F5==>AB8. &5;LN 4CE>2=>- =@02AB25==>3> @0728B8O 8 2>A?8B0=8O >1CG0NI8EAO A =0 ABC?5=8 =0G0;L=>3> >1I53> >1@07>20=8O O2;O5BAO A>F80;L=>- ?5403>38G5A:0O ?>445@6:0 8 ?@8>1I5=85 >1CG0NI8EAO : 107>2K< =0F8>=0;L=K< F5==>ABO< @>AA89A:>3> >1I5AB20, >1I5G5;>25G5A:8< F5==>ABO< 2 :>=B5:AB5 D>@<8@>20=8O C =8E =@02AB25==KE GC2AB2, =@02AB25==>3> A>7=0=8O 8 ?>2545=8O. 040G8 4CE>2=>- =@02AB25==>3> @0728B8O >1CG0NI8EAO A : 2 >1;0AB8 D>@<8@>20=8O ;8G=>AB=>9 :C;LBC@K: D>@<8@>20=85 <>B820F88 C=825@A0;L=>9 =@02AB25==>9 :><?5B5=F88 Ť AB0=>28BLAO ;CGH5ť , 0:B82=>AB8 2 CG51=>- 83@>2>9, ?@54<5B=>- ?@>4C:B82=>9, A>F80;L=> >@85=B8@>20==>9 45OB5;L=>AB8 =0 >A=>25 =@02AB25==KE CAB0=>2>: 8 <>@0;L=KE =>@<; D>@<8@>20=85 =@02AB25==KE ?@54AB02;5=89 > B><, GB> B0:>5 Ť E>@>H>ť 8 GB> B0:>5 Ť ?;>E>ť , 0 B0:65 2=CB@5==59 CAB0=>2:8 2 A>7=0=88 H:>;L=8:0 ?>ABC?0BL Ť E>@>H>ť ; D>@<8@>20=85 A?>A>1=>AB8 H:>;L=8:0 D>@<C;8@>20BL A>1AB25==K5 =@02AB25==K5 >1O70B5;LAB20, >ACI5AB2;OBL =@02AB25==K9 A0<>:>=B@>;L, B@51>20BL >B A51O 2K?>;=5=8O <>@0;L=KE =>@<, 4020BL =@02AB25==CN >F5=:C A2>8< 8 GC68< ?>ABC?:0<; D>@<8@>20=85 2 A>7=0=88 H:>;L=8:>2 =@02AB25==>3> A<KA;0 CG5=8O; D>@<8@>20=85 >A=>2 <>@0;8 >A>7=0==>9 >1CG0NI8<AO =5>1E>48<>AB8 >?@545;Q==>3> ?>2545=8O, >1CA;>2;5==>3> ?@8=OBK<8 2 >1I5AB25 ?@54AB02;5=8O<8 > 4>1@5 8 7;5, 4>;6=>< 8 =54>?CAB8<><; D>@<8@>20=85 ?@54AB02;5=89 > 107>2KE =0F8>=0;L=KE, MB=8G5A:8E 8 4CE>2=KE B@048F8OE; D>@<8@>20=85 MAB5B8G5A:8E ?>B@51=>AB59, F5==>AB59 8 GC2AB2; D>@<8@>20=85 :@8B8G=>AB8 : A>1AB25==K< =0<5@5=8O<, <KA;O< 8 ?>ABC?:0<; D>@<8@>20=85 A?>A>1=>AB8 : A0<>AB>OB5;L=K< ?>ABC?:0< 8 459AB28O<, A>25@H05<K< =0 >A=>25 <>@0;L=>3> 2K1>@0, : ?@8=OB8N >B25BAB25==>AB8 70 8E @57C;LB0BK; @0728B85 B@C4>;N18O, A?>A>1=>AB8 : ?@5>4>;5=8N B@C4=>AB59, =0AB>9G82>AB8 2 4>AB865=88 @57C;LB0B0. 2 >1;0AB8 D>@<8@>20=8O A>F80;L=>9 :C;LBC@K: D>@<8@>20=85 >A=>2 @>AA89A:>9 3@0640=A:>9 845=B8G=>AB8 CA2>5==>3>, >A>7=0==>3> 8 ?@8=8<05<>3> A0<8< >1CG0NI8<AO >1@070 A51O :0: 3@0640=8=0 >AA88; ?@>1C645=85 GC2AB20 ?0B@8>B87<0 8 25@K 2 >AA8N, A2>9 =0@>4, GC2AB20 ;8G=>9 >B25BAB25==>AB8 70 A2>8 45;0 8 ?>ABC?:8, 70 B5G5AB2>; 2>A?8B0=85 ?>;>68B5;L=>3> >B=>H5=8O : A2>5<C =0F8>=0;L=><C O7K:C 8 :C;LBC@5; D>@<8@>20=85 ?0B@8>B87<0 8 GC2AB20 ?@8G0AB=>AB8 : :>;;5:B82=K< 45;0<; @0728B85 =02K:>2 >ACI5AB2;5=8O A>B@C4=8G5AB20 A ?5403>30<8, A25@AB=8:0<8, @>48B5;O<8, AB0@H8<8 45BL<8 2 @5H5=88 >1I8E ?@>1;5<; C:@5?;5=85 4>25@8O : 4@C38< ;N4O<; @0728B85 4>1@>65;0B5;L=>AB8 8 M<>F8>=0;L=>9 >B7K2G82>AB8, ?>=8<0=8O 4@C38E ;N459 8 A>?5@56820=8O 8<. D>@<8@>20=85 >A>7=0==>3> 8 C2068B5;L=>3> >B=>H5=8O : B@048F8>==K< @>AA89A:8< @5;838O< 8 @5;838>7=K< >@30=870F8O<, : 25@5 8 @5;838>7=K< C15645=8O<; D>@<8@>20=85 >A=>2 :C;LBC@K <56MB=8G5A:>3> >1I5=8O, C2065=8O : O7K:C, :C;LBC@=K<, @5;838>7=K< B@048F8O<, 8AB>@88 8 >1@07C 687=8 ?@54AB028B5;59 =0@>4>2 >AA88. >1;0AB8 D>@<8@>20=8O A5<59=>9 :C;LBC@K: D>@<8@>20=85 >B=>H5=8O : A5<L5 :0: >A=>25 @>AA89A:>3> >1I5AB20; D>@<8@>20=85 C >1CG0NI8EAO C2068B5;L=>3> >B=>H5=8O : @>48B5;O<, >A>7=0==>3>, 701>B;82>3> >B=>H5=8O : AB0@H8< 8 <;04H8<; D>@<8@>20=85 ?@54AB02;5=8O > A5<59=KE F5==>ABOE, 35=45@=KE A5<59=KE @>;OE 8 C2065=8O : =8<; 7=0:><AB2> >1CG0NI8EAO A :C;LBC@=>- 8AB>@8G5A:8<8 8 MB=8G5A:8<8 B@048F8O<8 @>AA89A:>9 A5<L8. 50;870F8O ?@>3@0<<K 4>;6=0 ?@>E>48BL 2 548=AB25 C@>G=>9, 2=5C@>G=>9 8 2=5H:>;L=>9 45OB5;L=>AB8, 2 A>2<5AB=>9 ?5403>38G5A:>9 @01>B5 >1@07>20B5;L=>3> CG@5645=8O, A5<L8 8 4@C38E 8=AB8BCB>2 >1I5AB20. @>3@0<<0 >15A?5G8205B: >@30=870F8N A8AB5<K 2>A?8B0B5;L=KE <5@>?@8OB89, ?>72>;ONI8E :064><C >1CG0NI5<CAO 8A?>;L7>20BL =0 ?@0:B8:5 ?>;CG5==K5 7=0=8O, CA2>5==K5 <>45;8 8 =>@<K ?>2545=8O; D>@<8@>20=85 F5;>AB=>9 >1@07>20B5;L=>9 A@54K, 2:;NG0NI59 C@>G=CN, 2=5C@>G=CN 8 2=5H:>;L=CN 45OB5;L=>ABL 8 CG8BK20NI59 8AB>@8:>- :C;LBC@=CN, MB=8G5A:CN 8 @538>=0;L=CN A?5F8D8:C. 2 . 4 . @>3@0<<0 D>@<8@>20=8O M:>;>38G5A:>9 :C;LBC@K, 74>@>2>3> 8 157>?0A=>3> >1@070 687=8. @>3@0<<0 D>@<8@>20=8O M:>;>38G5A:>9 :C;LBC@K, 74>@>2>3> 8 157>?0A=>3> >1@070 687=8 :><?;5:A=0O ?@>3@0<<0 D>@<8@>20=8O C >1CG0NI8EAO A 7=0=89, CAB0=>2>:, ;8G=>AB=KE >@85=B8@>2 8 =>@< ?>2545=8O, >15A?5G820NI8E A>E@0=5=85 8 C:@5?;5=85 D878G5A:>3> 8 ?A8E8G5A:>3> 74>@>2LO :0: >4=>9 87 F5==>AB=KE A>AB02;ONI8E, A?>A>1AB2CNI8E ?>7=020B5;L=><C 8 M<>F8>=0;L=><C @0728B8N >1CG0NI53>AO. @>3@0<<0 D>@<8@>20=8O M:>;>38G5A:>9 :C;LBC@K @07@010BK205BAO =0 >A=>25 A8AB5<=>- 45OB5;L=>AB=>3> 8 :C;LBC@=>- 8AB>@8G5A:>3> ?>4E>4>2, A CGQB>< MB=8G5A:8E, A>F80;L=>- M:>=><8G5A:8E, ?@8@>4=>- B5@@8B>@80;L=KE 8 8=KE >A>15==>AB59 @538>=0, 70?@>A>2 A5<59 8 4@C38E AC1J5:B>2 >1@07>20B5;L=>3> ?@>F5AA0 8 ?>4@07C<5205B :>=:@5B870F8N 7040G, A>45@60=8O, CA;>289, ?;0=8@C5<KE @57C;LB0B>2, 0 B0:65 D>@< 55 @50;870F88, 2708<>459AB28O A A5<LQ9, CG@5645=8O<8 4>?>;=8B5;L=>3> >1@07>20=8O 8 4@C38<8 >1I5AB25==K<8 >@30=870F8O<8. @>3@0<<0 D>@<8@>20=8O M:>;>38G5A:>9 :C;LBC@K, 74>@>2>3> 8 157>?0A=>3> >1@070 687=8 >15A?5G8205B: D>@<8@>20=85 ?@54AB02;5=89 >1 >A=>20E M:>;>38G5A:>9 :C;LBC@K =0 ?@8<5@5 M:>;>38G5A:8 A>>1@07=>3> ?>2545=8O 2 1KBC 8 2 ?@8@>45, 157>?0A=>3> 4;O G5;>25:0 8 >:@C60NI59 A@54K; ?@>1C645=85 2 45BOE 65;0=8O 701>B8BLAO > A2>5< 74>@>2L5 ( D>@<8@>20=85 708=B5@5A>20==>3> >B=>H5=8O : A>1AB25==><C 74>@>2LN) ?CB5< A>1;N45=8O ?@028; 74>@>2>3> >1@070 687=8 8 >@30=870F88 74>@>2L5A15@530NI53> E0@0:B5@0 CG51=>9 45OB5;L=>AB8 8 >1I5=8O; D>@<8@>20=85 ?>7=020B5;L=>3> 8=B5@5A0 8 15@56=>3> >B=>H5=8O : ?@8@>45; D>@<8@>20=85 CAB0=>2>: =0 8A?>;L7>20=85 74>@>2>3> ?8B0=8O; 8A?>;L7>20=85 >?B8<0;L=KE 42830B5;L=KE @568<>2 4;O >1CG0NI8EAO A CG5B>< 8E 2>7@0AB=KE, ?A8E>D878G5A:8E >A>15==>AB59, @0728B85 ?>B@51=>AB8 2 70=OB8OE D878G5A:>9 :C;LBC@>9 8 A?>@B><; A>1;N45=85 74>@>2L5A>7840NI8E @568<>2 4=O; D>@<8@>20=85 =530B82=>3> >B=>H5=8O : D0:B>@0< @8A:0 74>@>2LN >1CG0NI8EAO ( A=865==0O 42830B5;L=0O 0:B82=>ABL, :C@5=85, 0;:>3>;L, =0@:>B8:8 8 4@C385 ?A8E>0:B82=K5 25I5AB20, 8=D5:F8>==K5 701>;520=8O) ; AB0=>2;5=85 C<5=89 ?@>B82>AB>O=8O 2>2;5G5=8N 2 B010:>:C@5=85, C?>B@51;5=85 0;:>3>;O, =0@:>B8G5A:8E 8 A8;L=>459AB2CNI8E 25I5AB2; D>@<8@>20=85 C >1CG0NI53>AO ?>B@51=>AB8 1571>O7=5==> >1@0I0BLAO : 2@0GC ?> ;N1K< 2>?@>A0<, A2O70==K< A >A>15==>ABO<8 @>AB0 8 @0728B8O, A>AB>O=8O 74>@>2LO, @0728B85 3>B>2=>AB8 A0<>AB>OB5;L=> ?>445@6820BL A2>5 74>@>2L5 =0 >A=>25 8A?>;L7>20=8O =02K:>2 ;8G=>9 38385=K; D>@<8@>20=85 C<5=89 157>?0A=>3> ?>2545=8O 2 >:@C60NI59 A@545 8 ?@>AB59H8E C<5=89 ?>2545=8O 2 M:AB@5<0;L=KE ( G@572KG09=KE) A8BC0F8OE. 2 . 5 @>3@0<<0 :>@@5:F8>==>9 @01>BK >@<0B82=>- ?@02>2CN 107C @07@01>B:8 >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O A>AB02;ONB: - $545@0;L=K9 70:>= >AA89A:>9 $545@0F88 Ť 1 >1@07>20=88 2 >AA89A:>9 $545@0F88ť N 2 7 3 - $ ( 2 @54. $545@0;L=KE 70:>=>2 >B 0 7 . 0 5 . 2 0 1 3 N 9 9 - $, >B 2 3 . 0 7 . 2 0 1 3 N 2 0 3 - $) ; - @>5:B $545@0;L=>3> 3>AC40@AB25==>3> >1@07>20B5;L=>3> AB0=40@B0 =0G0;L=>3> >1I53> >1@07>20=8O >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O; - >@<0B82=>- <5B>48G5A:85 4>:C<5=BK 8=>1@=0C:8 >AA89A:>9 $545@0F88 8 4@C385 =>@<0B82=>- ?@02>2K5 0:BK 2 >1;0AB8 >1@07>20=8O; - @8<5@=0O 040?B8@>20==0O >A=>2=0O >1@07>20B5;L=0O ?@>3@0<<0 ( @) =0G0;L=>3> >1I53> >1@07>20=8O =0 >A=>25 $! 4;O >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O; - #AB02 >1@07>20B5;L=>9 >@30=870F88. >@@5:F8>==0O @01>B0 ?@54AB02;O5B A>1>9 A8AB5<C ?A8E>;>3>- ?5403>38G5A:8E 8 <548F8=A:8E A@54AB2, =0?@02;5==KE =0 ?@5>4>;5=85 8/ 8;8 >A;01;5=85 =54>AB0B:>2 2 ?A8E8G5A:>< 8 D878G5A:>< @0728B88 >1CG0NI8EAO A . A>>B25BAB288 A B@51>20=8O<8 $! =0G0;L=>3> >1I53> >1@07>20=8O >1CG0NI8EAO A F5;LN ?@>3@0<<K :>@@5:F8>==>9 @01>BK O2;O5BAO A>740=85 A8AB5<K :><?;5:A=>3> ?A8E>;>3>- <548:>- ?5403>38G5A:>3> A>?@>2>645=8O ?@>F5AA0 >A2>5=8O >1CG0NI8<8AO A , ?>72>;ONI53> CG8BK20BL 8E >A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 =0 >A=>25 >ACI5AB2;5=8O 8=48284C0;L=>3> 8 48DD5@5=F8@>20==>3> ?>4E>40 2 >1@07>20B5;L=>< ?@>F5AA5. @>3@0<<0 :>@@5:F8>==>9 @01>BK >15A?5G8205B: 2KO2;5=85 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O, >1CA;>2;5==KE =54>AB0B:0<8 2 8E D878G5A:>< 8 ( 8;8) ?A8E8G5A:>< @0728B88; >ACI5AB2;5=85 8=48284C0;L=> >@85=B8@>20==>9 ?A8E>;>3>- <548:>- ?5403>38G5A:>9 ?><>I8 >1CG0NI8<AO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O A CG5B>< >A>15==>AB59 8E ?A8E>D878G5A:>3> @0728B8O 8 8=48284C0;L=KE 2>7<>6=>AB59 ( 2 A>>B25BAB288 A @5:><5=40F8O<8 ?A8E>;>3>- <548:>- ?5403>38G5A:>9 :><8AA88) ; @07@01>B:C 8 @50;870F8N 8=48284C0;L=KE CG51=KE ?;0=>2, >@30=870F8N 8=48284C0;L=KE 8 3@C??>2KE :>@@5:F8>==>- @072820NI8E 70=OB89 4;O >1CG0NI8EAO A CG5B>< 8=48284C0;L=KE 8 B8?>;>38G5A:8E >A>15==>AB59 ?A8E>D878G5A:>3> @0728B8O 8 8=48284C0;L=KE 2>7<>6=>AB59; 2>7<>6=>ABL >A2>5=8O >1CG0NI8<8AO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O 8 8E 8=B53@0F88 2 >1@07>20B5;L=>< CG@5645=88. @>3@0<<0 :>@@5:F8>==>9 @01>BK A>45@68B: ?5@5G5=L, A>45@60=85 8 ?;0= @50;870F88 :>@@5:F8>==KE 70=OB89, >15A?5G820NI8E C4>2;5B2>@5=85 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O 8 >A2>5=85 8<8 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K >1I53> >1@07>20=8O; A8AB5<C :><?;5:A=>3> ?A8E>;>3>- <548:>- ?5403>38G5A:>3> A>?@>2>645=8O >1CG0NI8EAO A 7045@6:>9 ?A8E8G5A:>3> @0728B8O 2 CA;>28OE >1@07>20B5;L=>3> ?@>F5AA0, 2:;NG0NI53>: ?A8E>;>3>- <548:>- ?5403>38G5A:>5 >1A;54>20=85 >1CG0NI8EAO A F5;LN 2KO2;5=8O 8E >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59; <>=8B>@8=3 48=0<8:8 @0728B8O >1CG0NI8EAO 8 8E CA?5H=>AB8 2 >A2>5=88 040?B8@>20==>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K =0G0;L=>3> >1I53> >1@07>20=8O; :>@@5:B8@>2:C :>@@5:F8>==KE <5@>?@8OB89; <5E0=87< 2708<>459AB28O 2 @07@01>B:5 8 @50;870F88 :>@@5:F8>==KE <5@>?@8OB89 CG8B5;59, A?5F80;8AB>2 2 >1;0AB8 :>@@5:F8>==>9 ?5403>38:8, <548F8=A:8E @01>B=8:>2 >1@07>20B5;L=>3> CG@5645=8O 8 4@C38E >@30=870F89, A?5F80;878@CNI8EAO 2 >1;0AB8 A>F80;L=>- ?A8E>;>3>- ?5403>38G5A:>9 ?>445@6:8 A5<L8 8 4@C38E A>F80;L=KE 8=AB8BCB>2; ?;0=8@C5<K5 @57C;LB0BK :>@@5:F8>==>9 @01>BK. 0745; 3 . @30=870F8>==K9 @0745; 3 . 1 . #G51=K9 ?;0= >OA=8B5;L=0O 70?8A:0 1I85 ?>;>65=8O #G51=K9 ?;0= <C=8F8?0;L=>3> 1N465B=>3> >1I5>1@07>20B5;L=>3> CG@5645=8O Ť !KG52A:0O A@54=OO >1I5>1@07>20B5;L=0O H:>;0 8<. . $. 51548=A:>9ť !<>;5=A:>3> <C=8F8?0;L=>3> @09>=0 ;B09A:>3> :@0O @50;87CNI53> >A=>2=K5 >1I5>1@07>20B5;L=K5 ?@>3@0<<K =0G0;L=>3> >1I53>, >A=>2=>3> >1I53> >1@07>20=8O, AD>@<8@>20= 2 A>>B25BAB288 A: $545@0;L=K< 0:>=>< >B 2 9 . 1 2 . 2 0 1 2 ! 2 7 3 - $ Ť 1 >1@07>20=88 2 >AA89A:>9 $545@0F88ť , 3;020 2 AB. 1 2 , 3;020 4 AB. 3 4 ) . $545@0;L=K< 1078A=K< CG51=K< ?;0=><, CB25@645==K< ?@8:07>< 8=8AB5@AB20 >1@07>20=8O >AA89A:>9 $545@0F88 >B 0 9 . 0 3 . 2 0 0 4 ! 1 3 1 2 ( 40;55 $#- 2 0 0 4 ) , c 87<5=5=8O<8, :>B>@K5 1K;8 2=5A5=K ?@8:070<8 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 >AA89A:>9 $545@0F88 >B 0 3 8N=O 2 0 1 1 3. N 1 9 9 4 8 >B 0 1 D52@0;O 2 0 1 2 3. N 7 4 ( 4;O V - X I :;0AA>2) , $545@0;L=K< :><?>=5=B>< 3>AC40@AB25==>3> AB0=40@B0 >1I53> >1@07>20=8O, CB25@645==K< ?@8:07>< 8=8AB5@AB20 >1@07>20=8O >AA89A:>9 $545@0F88 >B 0 5 . 0 3 . 2 0 0 4 ! 1 0 8 9 Ť 1 CB25@645=88 D545@0;L=>3> :><?>=5=B0 3>AC40@AB25==KE AB0=40@B>2 =0G0;L=>3> >1I53>, >A=>2=>3> >1I53> 8 A@54=53> ( ?>;=>3>) >1I53> >1@07>20=8Oť , A 87<5=5=8O<8, 2=5A5==K<8 ?@8:07>< >B 3 1 O=20@O 2 0 1 2 3>40 !6 9 ( 4;O V - X I :;0AA>2) ( 40;55 $ !) , $545@0;L=K< 3>AC40@AB25==K< >1@07>20B5;L=K< AB0=40@B>< =0G0;L=>3> >1I53> >1@07>20=8O, CB25@645==K< ?@8:07>< 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 >AA89A:>9 $545@0F88 >B 0 6 . 1 0 . 2 0 0 9 ! 3 7 3 ( 40;55 $! =0G0;L=>3> >1I53> >1@07>20=8O) , A 87<5=5=8O<8, 2=5A5==K<8 ?@8:070<8 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 $ >B 2 6 =>O1@O 2 0 1 0 3. !1 2 4 1 8 >B 2 2 A5=BO1@O 2 0 1 1 !2 3 5 7 , 0:>=>< Ť A>F80;L=>9 70I8B5 8=20;84>2 2 >AA89A:>9 $545@0F88ť >B 2 4 . 1 1 . 1 9 9 5 3. ! 1 8 1 - 3 ( AB. 1 5 ) . 0:>=>< $ Ť 1 >A=>20E A8AB5<K 157=047>@=>AB8, ?@>D8;0:B8:8 8 ?@02>=0@CH5=89 =5A>25@H5==>;5B=8Eť >B 2 4 . 0 6 . 1 9 9 9 3. ! 1 2 0 - $. 0:>=>< $ Ť 1 >A=>2=KE 30@0=B8OE ?@02 @51Q=:0 2 >AA89A:>9 $545@0F88ť >B 2 4 . 0 7 . 1 9 9 8 3. ! 1 2 4 $. >AB0=>2;5=85< @028B5;LAB20 >AA89A:>9 $545@0F88 >B 1 2 . 0 3 . 1 9 9 7 3. !2 8 8 Ť 1 CB25@645=88 "8?>2>3> ?>;>65=8O > A?5F80;L=>< ( :>@@5:F8>==><) >1@07>20B5;L=>< CG@5645=88 4;O >1CG0NI8EAO ( 2>A?8B0==8:>2) A >B:;>=5=8O<8 2 @0728B88ť . 8AL<>< 8=>1@07>20=8O $ >B 0 4 . 0 9 . 1 9 9 7 3. ! 4 8 Ť A?5F8D8:5 45OB5;L=>AB8 A?5F80;L=KE ( :>@@5:F8>==KE) # I V I I I 2840ť ( A 87<5=5=8O<8 >B 2 6 . 1 2 . 2 0 0 0 3. ) . 8AL<>< 8=8AB5@AB20 >1I53> 8 ?@>D5AA8>=0;L=>3> >1@07>20=8O $ >B 0 9 . 0 4 . 1 9 9 9 3. ! 2 7 / 5 1 1 - 6 . 8AL<>< 8=8AB5@AB20 >1@07>20=8O $ >B 2 8 . 0 6 . 2 0 0 0 3. ! 2 7 / 1 > R T x z H J ˛ ś ëßÓǸŠÇtdtP